Latest news with #UAE2025
Zawya
a day ago
- Business
- Zawya
MBRSG to host fifth round of the Public Administration Forum under the theme 'Strategic Horizons'
Dubai, UAE – The Mohammed Bin Rashid School of Government (MBRSG) hosted today the fifth round of the Public Administration Forum 2025 under the theme 'Strategic Horizons: The UAE Economic Diplomacy Report 2024-2025 – Advancing Policy, Trade, and Global Partnerships Through Evidence-Based Insights'. The event took place at the School's premises in the Dubai World Trade Centre (DWTC), gathering an elite group of decision-makers, diplomats, economists and public policy experts, who discussed the evolving landscape of the UAE's economic diplomacy and explored its future trajectory amid ongoing geopolitical shifts and rapid global transformations. This year's forum serves as a strategic platform for unveiling the UAE Economic Diplomacy Report 2024-2025, prepared by the Anwar Gargash Diplomatic Academy (AGDA) in collaboration with MBRSG, with contributions from local and international researchers. His Excellency Dr. Ali bin Sebaa Al Marri, Executive President of MBRSG, said: 'We take great pride in this platform that brings together distinguished experts and decision-makers to explore emerging economic trends. The forum represents a pivotal milestone in supporting the UAE's efforts to build a forward-looking model of economic diplomacy – one grounded in knowledge and analysis, and aimed at enhancing the effectiveness and competitiveness of government decision-making. Our partnership with the Anwar Gargash Diplomatic Academy reflects our deep belief in the value of strategic collaboration in strengthening national capabilities to respond to global economic developments.' His Excellency added: 'This year's report highlights the UAE's growing international prominence through clear indicators that reflect the strategic use of investment flows, economic partnerships, and sovereign wealth funds. We are confident that the forum's outcomes will help shape more agile and impactful economic policies, ensuring the UAE's readiness to address future challenges and seize emerging opportunities.' From his side, Dr. Mohammed Ibrahim Al Dhaheri, Deputy Director-General of the Anwar Gargash Diplomatic Academy, emphasized the importance of the forum, stating: 'The Government Administration Forum serves as a strategic platform to reimagine economic diplomacy as a tool that reflects the nation's identity and global aspirations.' He explained that economic choices are no longer isolated technical decisions, but rather part of a broader narrative that requires capacity building, expanded partnerships, and the pursuit of inclusive and sustainable prosperity. He affirmed that the gathering of leaders and decision-makers during the forum reflects this direction and embodies the UAE's commitment to strengthening its global presence through innovation, integrity, and impact. The report provided a comprehensive review of the UAE's economic diplomacy strategy, with a focus on key areas including the analysis of Comprehensive Economic Partnership Agreements (CEPAs) and their impact on national competitiveness, food security, and foreign direct investment (FDI) flows. It also explored the role of sovereign wealth funds and state-owned enterprises in advancing the UAE's soft power and expanding its global economic influence. The report examined the country's approach to navigating changes in global trade, its leadership in integrating the digital economy and climate diplomacy, and presented case studies of successful UAE economic diplomacy in Asia, Africa, and Latin America. Furthermore, it offered strategic recommendations to enhance institutional coordination, build diplomatic capacities, and integrate economic tools within the country's foreign policy framework. Supported by recent indicators and statistics, the report underscored the effectiveness of the UAE's economic and diplomatic strategies. The country recorded FDI inflows of USD 30.7 billion in 2023, while the number of CEPAs reached 24 by 2024, with 16 agreements already in effect. The nation's sovereign wealth funds manage substantial assets, including the Abu Dhabi Investment Authority (USD 993 billion), Mubadala Investment Company (USD 302 billion), and the Emirates Investment Authority (USD 87 billion). The data also revealed the issuance of over 200,000 new business licenses in 2024, bringing the total number of active companies in the UAE to more than 1.1 million. According to the International Monetary Fund (IMF), the country's GDP is projected to grow by 4.2% in 2025. UAE foreign aid remains a key pillar of its human-centred foreign policy, amounting to USD 3.45 billion in 2022, with USD 2.56 billion allocated to the most vulnerable nations. These developments align with the vision of the UAE's leadership. His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, has affirmed that the country, under the leadership of His Highness Sheikh Mohamed bin Zayed Al Nahyan, President of the UAE, is steadily advancing towards its goal of achieving AED 4 trillion in non-oil foreign trade by 2031 – four years ahead of schedule. In Q1 2025, the UAE's non-oil foreign trade reached AED 835 billion, reflecting an 18.6% increase. Non-oil exports grew remarkably by 40.7%, reaching AED 177.3 billion and accounting for more than 21% of total foreign trade for the first time. The UAE's GDP stood at AED 1.77 trillion in 2024, with the non-oil sector contributing 75.5%. The forum's activities commenced with an opening speech delivered by H.E. Dr. Ali bin Sebaa Al Marri, followed by a formal speech by HE Dr. Mohammed Ibrahim Al Dhaheri, Deputy Director General of AGDA, who highlighted the importance of economic diplomacy in strengthening the UAE's global standing and strategic partnerships. The forum targeted a broad audience of stakeholders in the economic and diplomatic spheres, including government officials, economic diplomats, trade and policy experts, academics, business leaders, and students specialising in international affairs, fostering knowledge exchange and collaboration to shape a shared vision for the future of UAE economic diplomacy. The event reaffirmed MBRSG's commitment to advancing national and international dialogue on economic and public policy issues, in line with its role as a research and academic institution that contributes to policy development and the nurturing of future Emirati leaders capable of driving economic transformation with agility and foresight. The Forum's sessions covered the role of sovereign wealth funds, implications of the WTO's Abu Dhabi Ministerial Declaration, and policy evaluations linked to economic diplomacy. Discussions addressed the importance of strengthening the UAE's global economic partnerships, with contributions from Dr. Ahmed Rashad, Lead Researcher and General Editor of the Report and Assistant Professor of Economics at AGDA, Dr. Mona Mostafa El-Sholkamy, Professor of Macroeconomic Policies and Public Finance at MBRSG, HE Amb. Husain Haqqani, Senior Research Fellow and Diplomat in Residence at AGDA, Ms. Dina Abdullah – Senior Trade Specialist and Senior Policy Advisor. The Forum Sessions were moderated by Prof. Khalid Al Wazani, Professor of Economics and Public Policy at MBRSG, Dr. Fadi Salem, Policy Research Director at MBRSG, and Mohammed Galal, Head of News at Almal Channel, Dubai TV. The fourth session shed light on the strategic and humanitarian dimensions of the UAE's foreign policy through a lecture titled 'The Strategic Importance of UAE Foreign Aid', delivered by H.E. Amb. Husain Haqqani, Senior Research Fellow and Diplomat-in-Residence at the Anwar Gargash Diplomatic Academy. The lecture explored how the UAE leverages its foreign aid programmes to broaden political and economic influence and deepen international cooperation, reflecting the human-centred foundation of its foreign policy. The forum concluded with an open dialogue session that brought participants together from various disciplines to expand the scope of discussion and encourage cross-sectoral exchange among decision-makers, diplomats, business leaders, researchers, and students in international relations. The session highlighted the importance of knowledge and institutional integration in shaping a forward-looking UAE model of economic diplomacy.
Gulf Business
04-06-2025
- Business
- Gulf Business
Investing in 2025: Gulf Business panel to unpack UAE's hottest trends
Scenes from previous Gulf Business Breakfast Briefings. From booming IPO pipelines to surging interest in residence-by-investment schemes, the UAE remains one of the most compelling destinations for capital in 2025. To decode what's driving this momentum, Gulf Business will host its next flagship Breakfast Briefing panel event on June 25 at the Metropolitan Hotel Dubai, bringing together industry leaders for a morning of sharp analysis and forward-looking discussion. Under the theme 'UAE's hottest investment trends: what's driving growth in 2025' , the event promises a wide-ranging conversation on the forces shaping investor appetite — from shifting global mobility patterns and public listings to the impact of generational wealth transfer and digital disruption in finance. Set against the backdrop of the UAE's pro-investment policies and continued economic resilience, the panel will offer insights for both seasoned investors and new entrants looking to gain an edge in the region. A top-tier speaker lineup Among the confirmed speakers are: Yasmine Omari , head of wealth planning, Bank of Singapore Yogesh Khairajani , global market strategist, Century Financial Gemma Wild , head of global collaboration, MENA GPB, HSBC Manasvi Ghelani , associate director – customer engagement, Middle East Africa, Frost & Sullivan Muhammed Hassan , capital markets leader, PwC Dave Chaggar , sales director, Capital Club Limited Adel Mardini , CEO, Jetex Rahul Singh , managing director, Thrifty & Dollar Car Rental Claire Vuylsteke , director, Orbcom Karishma Hingorani , founder and podcaster, Karishma Konnect Three key sessions will headline the event: Global mobility & residence-by-investment Kicking off at 9:15am, this session explores how geopolitical uncertainty and changing tax landscapes are driving demand for alternative citizenship and relocation. Moderated by Orbcom's Claire Vuylsteke, the panel will discuss the role of residence-by-investment in securing personal freedom and capital diversification for HNWIs based in the UAE. IPO outlook: 2025 and beyond As Dubai and Abu Dhabi ramp up their listings strategies, this panel — moderated by Gulf Business Group Editor Gareth van Zyl — will explore what's next for capital markets in the region. Speakers from Century Financial, PwC and Frost & Sullivan will dissect the performance of recent IPOs, investor sentiment, and how the UAE stacks up against global exchanges. The great wealth transfer & new investment strategies With trillions of dollars set to shift hands globally over the coming decade, this final session looks at how family offices, private banks and platforms are adapting. Moderated by Karishma Hingorani, panellists from Bank of Singapore, HSBC and Capital Club will explore emerging investment behaviour among digital-native inheritors, and the future of wealth planning in the region. Invitation to investors and professionals The Gulf Business Breakfast Panel begins with registration and networking at 8:00am , followed by a welcome address and opening remarks. Attendance is free by invitation or registration, but places are limited. Whether you're a wealth advisor, entrepreneur, family office executive or institutional investor, this is a morning designed to help you make sense of the UAE's most powerful investment signals — and position accordingly.
Khaleej Times
30-05-2025
- Business
- Khaleej Times
Still carrying cash? Over 90% of small businesses in UAE accept digital payments
Before most of the city is awake, Deira is already moving — loud, fast, and still dealing mostly in cash. At the fish market just off Palm Deira Metro Station, the floor is slick with ice water and fish scales. Crates rattle open to reveal hammour and kingfish, striped yellow-like brush strokes. Prawns are stacked like glass, still twitching. The air smells like diesel and salt. Vendors shout in Malayalam, Arabic, and Hindi. Restaurant buyers haggle in half-sentences. A five-dirham note flutters from a pocket. No one's tapping. No one's scanning. And yet, just 20 minutes away, the future is already here. Inside a DIFC café lined with concrete and chrome, a woman in a tailored blazer taps her Apple Watch to pay for a flat white. A sign by the register reads: Contactless only. This is the UAE in 2025: one of the most digitally connected economies in the world, and yet still tethered, in many ways, to the physical currency it's preparing to leave behind. With the goal of becoming 90 per cent cashless by 2026, the country is racing towards a financial future few others have come close to reaching. In many ways, it's already there. Digital wallets are everywhere — Apple Pay, Samsung Pay, Google Pay, Careem Pay, PayBy. Contactless transactions are now so embedded in daily life that younger residents joke they haven't touched an ATM in years. Whether for groceries in Sharjah or a mani-pedi in Jumeirah, tap-to-pay is the new normal. The scale of adoption is massive. Mastercard's latest SME Confidence Index shows that 92 per cent of small- and medium-sized businesses in the UAE now accept digital payments, and many have dropped cash altogether. Eighty-three per cent of businesses say they're upgrading payment systems to keep up with customer expectations. Even in areas traditionally slower to adopt tech — tailoring shops, barbers, mom-and-pop groceries — cashless tools are creeping in. In Karama, several businesses that once only took cash now have QR codes on the counter or card machines behind them. It's less about pressure and more about practicality; once enough customers stop carrying bills, there's not much choice but to adapt. Visa's Value of Acceptance study backs that up — more than 70 per cent of the UAE merchants surveyed said they saw increased revenue and higher customer footfall after accepting digital payments. Salima Gutieva, Visa's vice president and country manager for the UAE, said small businesses often stick to cash because of 'perceived customer preference and limited payment infrastructure.' But she points to tools like Visa Direct, Tap to Phone, and Click to Pay as helping merchants overcome those hurdles. 'Education on the security and efficiency of these methods is helping more businesses see digital payments as a critical investment in growth.' The UAE Central Bank introduced a regulatory framework that allowed non-bank payment service providers to operate alongside traditional banks — a pivotal move that formally brought fintech firms into the country's financial system. It enabled services like mobile wallets, QR-code payments, and peer-to-peer transfers to scale legally. To keep pace, the Central Bank also launched sandbox environments — controlled settings where fintechs can test new products with regulatory oversight before going to market. Together, these steps have helped create a safer, more open digital payment ecosystem. It wasn't just organic growth — it was engineered. Dubai's digital authority, Smart Dubai, laid out a formal Cashless Framework, mapping the steps to a fully digitised economy. The plan starts with government services —making everything from utility bills to traffic fines payable only through digital channels. Need to renew a driver's licence or pay a parking ticket? You do it through an app or online portal. From there, the framework builds out secure 'rails' connecting banks, telecom providers, and private payment platforms. The goal is a system that's not just faster, but traceable, standardised, and built for scale. Hamad Obaid Al Mansoori, director-general of Digital Dubai, in a public statement, put it simply: 'Cashless payments are integral to daily life. We aim to establish Dubai as a global digital capital and an attractive investment destination.' And it's already paying off. According to the Emirates News Agency, the UAE's payments revenue pool is projected to hit Dh27.3 billion by 2028, fuelled by fintech growth and digital adoption across the public and private sectors. Government estimates also suggest the cashless transition could unlock more than Dh8 billion in additional economic growth annually. Still, for all the sleek infrastructure and tap-to-pay ease, cash hasn't exactly vanished. Not yet. According to Visa's Where Cash Hides report, 23 per cent of transactions in the UAE are still made in cash — mostly peer-to-peer moments like tipping valets, splitting bills, or paying for informal services. But even that number comes with nuance: 61 per cent of respondents said only one or two of their last 10 purchases were in cash. Just 3 per cent said all 10 were. Where notes are needed According to Gutieva, the cash that remains in circulation is mostly used in specific settings — like open-air markets, taxis, and informal exchanges between friends. She says it often comes down to habit or the belief that cash is quicker and more widely accepted, especially in places where digital options aren't yet the norm. 'While the UAE is advancing towards a cashless society, we still see cash usage in certain segments. This is often due to habit, the belief that cash is quicker, or retailers still only accept cash,' Gutieva said. At the same time, Gutieva points to several forces pushing adoption forward. 'Positive factors driving digital adoption include the UAE government's progressive vision, widespread smartphone use, and the popularity of ecommerce,' she said. 'Younger, tech-savvy consumers are also contributing to a shift, supported by digital platforms offering rewards, security, and convenience.' Younger, tech-savvy consumers are also contributing to a shift, supported by digital platforms offering rewards, security, and convenience" Salima Gutieva, Visa Still, that lingering reliance on cash — and what it reveals about behaviour, access, and trust — is something economist Jeremy Srouji has spent years studying. A PhD candidate in international economics at Université Côte d'Azur and the International Institute of Social Studies at Erasmus University, his work focuses on how digital payment ecosystems emerge and evolve in cash-reliant economies like the UAE. 'The move to a cashless economy is a global trend,' Srouji said. In the UAE, it's been accelerated by deliberate policy shifts — especially when the Central Bank opened the market to non-bank payment service providers, breaking open what had long been a bank-dominated space. 'This was a catalyst for diversifying the sector with mobile payments, peer-to-peer transfers, but also the lucrative online payment space.' But Srouji cautions that we shouldn't rush to call this a 'cashless' society. 'It is probably a misnomer to speak of a 'cashless economy',' he said. 'An advanced digital payments ecosystem is probably the better term, but unfortunately the marketers won that battle.' While digital payments have surged, cash hasn't exactly disappeared. He argues that cash levels have been consistently on the rise in the UAE, even as cash transactions have declined in favour of digital payments. Why? 'In a modern financial economy, there is essentially no scenario in which cash, which is central bank money, can be eliminated,' he explained. 'This is because central bank money is the ultimate guarantor of the commercial bank money — the loans, deposits, and credit instruments managed by the private banking system.' He continued: 'In a healthy, diversified, and growing economy such as the UAE, cash-in-circulation, that is cash outside of the banking system, will tend to increase alongside digital payments, in parallel with the expansion of credit, investment, and consumption.' And while policymakers often cite the shadow economy as a reason to eliminate cash, Srouji says the link isn't so simple. 'The argument is often made that eliminating cash will help to reduce the footprint of the shadow or grey economy,' he said. 'While I would agree, the matter is not as clear cut as it first appears.' He referenced a 2020 study by Cohen, Rubinchik & Shami, which 'showed that such initiatives may backfire, pushing actors in the shadow economy — particularly well-organised criminal networks — to go to more extreme lengths to launder money into the formal economy, with potentially more dangerous outcomes.' Instead of phasing out cash to crack down on crime, Srouji suggests it's more effective to focus on strengthening the UAE's existing anti-money laundering and financial crime regulations. The country has already made progress in that area, he said, and allowing cash and digital payments to exist side by side — with strong oversight — is likely a more balanced and secure approach. When it comes to financial inclusion, Srouji's stance is clear. 'If not enshrined in a comprehensive financial inclusion strategy, it can be argued that going cashless is a catalyst for financial exclusion,' he wrote. 'Truly cashless economies — such as Sweden, and South Korea — are a rarity, with low levels of inequality, where all adults have access to a basic bank account and digital payment instrument, and where the right to hold an account is often enshrined in law.' He added: 'The UAE context is different, with a rich diversity of cultures that have distinct spending and technology habits.' One key distinction, he noted, is the sheer volume of outgoing remittances by migrant workers — many of whom still rely on cash due to gaps in digital infrastructure at the receiving end. 'Some remittance corridors will always be cash-reliant, as long as digital financial services are not available at both ends of these corridors.' In simpler terms: even if a foreign worker in Dubai can send money digitally, it doesn't help if their family back home can't receive it the same way. Until both sides of the transaction are online, cash will still have a role to play. Srouji sees the UAE's digital currency experiments as a key part of making the shift to a cashless economy more inclusive. 'The question of financial inclusion is a critical one, and is the reason why, faced with the decline in cash transactions, central banks around the world are exploring central bank digital currency (CBDC) as a new form of central bank money,' he said. 'The UAE has participated in some major global CBDC initiatives, including Project Aber and Project mBridge,' he added. Aber — a joint pilot with Saudi Arabia — tested how digital currencies could be used for cross-border settlements. mBridge expands that vision, bringing together central banks from Asia and the Middle East to build a shared platform for real-time international payments. 'Depending on the model adopted, a CBDC ecosystem can provide for end-users to hold accounts directly at the central bank, which would help promote financial inclusion.' But while CBDCs aim to rebuild the architecture of the financial system, companies like Visa are focused on immediate impact. That means expanding digital payment tools into sectors where cash still dominates — and making them accessible, reliable, and secure. 'SMEs are the backbone of the UAE's economy,' said Gutieva. 'The fact that 92 per cent of these businesses are cash-free indicates a strong readiness for a digital economy… that's where the shift happens — and that's how we help the UAE meet its cashless goals.' Getting to a cashless economy isn't about one breakthrough. It requires coordination across policy, infrastructure, and user behaviour — at every level of the system. And maybe, one morning in Deira, the fish will still be fresh, the shouting still loud, the scales still wet — but the payment? That might just be a tap.
