Dubai has solidified its standing as the world’s largest licensed Virtual Assets (VA) market, recording nearly AED 2.5 trillion in VA transactions this year across regulated entities supervised by the Dubai Virtual Assets Regulatory Authority (VARA). This impressive achievement underscores the emirate’s growing status as a major global financial hub, according to Xpats.ae.
The milestone is the result of the visionary leadership of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, whose far-reaching initiative to regulate virtual assets has transformed Dubai into a leader in this rapidly growing sector. Three years ago, Sheikh Mohammed issued landmark legislation creating VARA—the first of its kind—establishing a foundation for Dubai’s leadership in advanced financial and economic innovation.
These accomplishments were presented during a meeting chaired by His Highness Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, First Deputy Ruler of Dubai, Deputy Prime Minister, Minister of Finance, and Chairman of the Higher Committee for the Development of the Economic and Financial Sector. During the session, Sheikh Maktoum approved the Dubai Financial Sector Strategy, a holistic plan aimed at doubling the financial sector’s contribution to the emirate’s GDP and significantly expanding assets under management.
The meeting also examined the implementation roadmap for the strategy, focusing on transformative projects and the creation of a comprehensive economic measurement system for Dubai. Discussions included progress on ARENA, the private offering platform initiated by the Dubai Financial Market (DFM), and VARA’s initiatives to further enhance the emirate’s leadership in the virtual assets sector. Sheikh Maktoum also reviewed the DFM’s performance indicators for 2025 and future development plans.
Sheikh Maktoum emphasized that the Dubai Financial Sector Strategy is a direct reflection of Sheikh Mohammed bin Rashid’s forward-thinking vision to sustain the emirate’s global leadership in finance. He stated that the plan will usher in 15 transformative programmes over the next three years, all designed to create a resilient, innovative, and sustainable financial ecosystem. These programmes are expected to attract investor confidence, stimulate economic growth, and advance Dubai’s aspiration to rank among the top three global financial hubs, in alignment with the Dubai Economic Agenda D33.
Sheikh Maktoum praised DFM’s achievements and called for further enhancements in capital market performance following global best practices. He also lauded VARA’s contributions in strengthening transparency and reinforcing Dubai’s role as the foremost global centre for virtual assets. The meeting was attended by senior government officials, including Mohammad Al Gergawi, Mohammed bin Hadi Al Hussaini, Omar Sultan Al Olama, Helal Saeed Al Marri, Essa Abdulfattah Kazim, Faisal Yousef bin Sulaitin, Fadel Abdulbaqi Al Ali, Saeed AlEter, and Huda Sayed Naim Al Hashimi.
The newly endorsed Dubai Financial Sector Strategy outlines 15 key development programmes to shape the city’s financial future across vital areas such as capital markets, asset management, small business financing, virtual assets, and FinTech. The initiative will encourage greater listings from family-owned firms and startups, while attracting new asset managers and private wealth firms through supportive legislation and policy frameworks. It will also prioritize small and medium enterprises (SMEs), introducing innovative models to expand access to finance and enhance their role in GDP contribution.
Dubai’s progress has been reflected in global rankings, with the emirate now placed 11th in the Global Financial Centres Index (GFCI)—up from 12th earlier in the year and 16th the previous year. Dubai leads in growth potential and is projected to rise further in the next few years, confirming its position as a city of future financial prominence. Sheikh Maktoum was also briefed on VARA’s progress in expanding Dubai’s virtual assets ecosystem, with the sector now representing 0.5% of the emirate’s GDP (around AED 2.2 billion), expected to grow to about 3% or AED 13 billion in the coming years.
Currently, Dubai is home to over 40 licensed virtual asset service providers, the highest number globally, along with more than 600 registered advisory and technical service providers. Meanwhile, DFM continues to see record growth, achieving a 14.7% rise in its General Index in 2025—its strongest showing since 2008—and total market capitalization exceeding AED 1 trillion. Notable offerings this year include the AED 1.4 billion IPO of ALEC Holding and the AED 3.15 billion secondary offering of DU shares.
The Higher Committee for the Development of the Economic and Financial Sector continues to drive policies aligned with Dubai’s Economic Agenda D33, ensuring coordination among financial entities to enhance competitiveness and sustainability. Its role extends to identifying future opportunities and challenges, supporting long-term strategic goals, and reinforcing Dubai’s appeal to global investors and talent. The committee also develops initiatives to facilitate capital flows, attract international investment, and promote Dubai as a prime global destination for investors, asset managers, and entrepreneurs.
