Dubai cements position as leader in virtual assets space

Dubai has cemented its position as a global leader in the virtual assets space, with trading volumes surpassing AED 2.5 trillion since the start of the year.

In a statement shared on social media, His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, reflected on the decision made three years ago to establish the Dubai Virtual Assets Regulatory Authority, under the supervision of His Highness Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum.

He noted that in just three years, Dubai has successfully added an entirely new sector to its economy—now recognized as the world's largest licensed virtual assets market.

Sheikh Mohammed expressed his gratitude to Sheikh Maktoum, adding that his leadership inspires continued confidence in the future of the UAE economy.

Three years ago, we made the decision to establish a new authority, the Dubai Virtual Assets Regulatory Authority, under the supervision of Maktoum bin Mohammed. Today, Dubai leads as the world's largest licensed virtual assets market, with trading volumes exceeding 2.5 trillion…

— HH Sheikh Mohammed (@HHShkMohd) October 12, 2025

Sheikh Maktoum approved the Dubai Financial Sector Strategy on Sunday during a meeting of the Higher Committee for the Development of the Economic and Financial Sector in the emirate of Dubai.

It's a comprehensive roadmap designed to solidify Dubai’s position as a leading global financial hub, with key goals to double the financial sector’s contribution to the emirate’s GDP and grow the size of assets under management.

The meeting also reviewed the executive plan for ARENA, the initial private offering platform launched by the Dubai Financial Market (DFM).

Sheikh Maktoum was briefed about DFM’s performance highlights in 2025 and plans by Dubai’s Virtual Assets Regulatory Authority (VARA) to develop the sector.

Maktoum bin Mohammed: We approved the Dubai Financial Sector Strategy during the meeting of the Higher Committee for the Development of the Economic and Financial Sector in Dubai, along with its transformative projects. We also reviewed the key achievements of the Dubai Financial… pic.twitter.com/RXTlMceVSW

— Dubai Media Office (@DXBMediaOffice) October 12, 2025

The Dubai Financial Sector Strategy will roll out 15 transformative programmes over the next three years to drive growth and shape the future of global finance.

The projects will focus on critical areas including capital markets, asset and wealth management, SME financing, virtual assets, and FinTech.

The strategy aims to boost market activity by encouraging the listing of more family businesses and startups. Simultaneously, it will foster growth in the asset and wealth management sector by developing legislation and policies that attract new asset managers and family businesses.

The strategy also focuses on enhancing the role of small and medium enterprises in the national economy by developing innovative financing models that expand access to capital, ensuring the sustainability of SMEs and increasing their contribution to GDP.

The approval of the strategy comes as Dubai continues to strengthen its position as a leading global financial hub, ranking 11th worldwide in the latest Global Financial Centers Index (GFCI) – up from 12th earlier this year and 16th last year.