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 remarkable statement on social media, His Highness Sheikh Mohammed bin Rashid Al Maktoum, the Vice President and Prime Minister of the UAE and Ruler of Dubai, reflected on a pivotal decision made three years ago to establish the Dubai Virtual Assets Regulatory Authority (VARA). This initiative, supervised by His Highness Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, was pivotal in positioning Dubai as a frontrunner in the burgeoning world of virtual assets.
Sheikh Mohammed highlighted that, within just three years, Dubai has successfully infused an entirely new sector into its economy, leading to its recognition as the world’s largest licensed virtual assets market. His statement not only celebrates the achievements but also underscores a vision that continues to drive economic diversification in the emirate.
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
During a recent meeting of the Higher Committee for the Development of the Economic and Financial Sector in Dubai, Sheikh Maktoum approved the Dubai Financial Sector Strategy, a comprehensive roadmap aimed at solidifying the emirate’s stature as a premier global financial hub. This strategy sets ambitious targets, including a goal to double the financial sector’s contribution to Dubai’s GDP and to significantly increase the size of assets under management.
The meeting also featured discussions on the performance of the Dubai Financial Market (DFM) and the executive plan for ARENA, an innovative private offering platform. This forward-thinking approach aligns with Dubai’s vision of driving economic growth through the launch of new financial products and services.
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 is poised to implement 15 transformative programs over the next three years, targeting critical areas including capital markets, asset and wealth management, financing for small and medium enterprises (SMEs), virtual assets, and FinTech innovation. This proactive strategy seeks to elevate market activity and encourage more family businesses and startups to list publicly, broadening the financial landscape.
Moreover, the strategy is set to stimulate growth in the asset and wealth management sector by enacting new laws and policies designed to attract innovative asset managers and family businesses to the region. Particular emphasis will also be placed on enhancing the role of SMEs, known for their vital contributions to economic vitality, by creating novel financing models that expand access to capital.
As Dubai continues to advance its status as a leading global financial hub, it recently climbed to 11th place in the Global Financial Centers Index (GFCI), up from 12th earlier this year and significantly from 16th the previous year. This progress underscores Dubai’s strategic initiatives and robust economic outlook, reinforcing its vision for the future.