Dubai is accelerating its push toward a fully digital economy after the Department of Finance (DOF) and the Free Zones Council (DFZ) signed a landmark agreement to boost cashless transactions across the emirate.
The memorandum of understanding (MoU) sets an ambitious target: 90 per cent of all transactions in Dubai to be conducted digitally by 2026. The move is part of the city’s broader strategy to modernize its financial infrastructure, reduce dependency on cash, and enhance transparency in payments.
Officials said the initiative will focus on expanding digital payment solutions in both public and private sectors, including government services, retail, and free zone businesses. Integration of innovative fintech platforms and incentives for digital adoption are expected to drive the transition.
Dubai’s leadership views the project as a key pillar of the emirate’s long-term economic vision, complementing smart city initiatives and reinforcing Dubai’s position as a global hub for digital finance.
The agreement also emphasizes collaboration with banks, fintech firms, and businesses to ensure seamless implementation, with ongoing monitoring to track progress toward the 2026 goal.
