Dubai: Dubai has emerged as the world’s largest licensed Virtual Assets (VA) market, with transaction volumes across regulated entities under the Virtual Assets Regulatory Authority (VARA) reaching nearly AED2.5 trillion, affirming the emirate’s status as a leading global financial hub.
According to Emirates News Agency, this significant achievement is a 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, who initiated the regulation of the virtual assets market. Three years ago, Sheikh Mohammed issued a groundbreaking law regulating virtual assets and established the Dubai Virtual Assets Regulatory Authority (VARA) to enhance Dubai’s leadership in future economic and financial sectors.
The achievements were underscored during a meeting chaired by H.H. 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 in Dubai. During the meeting, H.H. Sheikh Maktoum approved the Dubai Financial Sector Strategy, a roadmap to reinforce Dubai’s position as a leading global financial hub with aims to double the financial sector’s contribution to the emirate’s GDP and expand the assets under management in Dubai.
The meeting explored mechanisms for implementing the strategy through transformative projects and discussed developing a robust economic measurement system in Dubai. The executive plan for ARENA, the initial private offering platform launched by the Dubai Financial Market (DFM), was also reviewed.
Sheikh Maktoum emphasized that the Dubai Financial Sector Strategy embodies the forward-looking vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum and aims to secure Dubai’s position at the forefront of global financial hubs. The strategy seeks to enhance the sector’s contribution to the emirate’s economic growth and diversification.
Sheikh Maktoum stated: ‘This strategy represents a major step for Dubai’s financial sector. Plans to launch 15 transformative programs over the next three years aim to establish an innovative and sustainable financial ecosystem. This will create opportunities for investors, bolster their confidence in Dubai’s business environment, and advance our ambition to cement the emirate’s status as the world’s premier destination for financial services and one of the top 3 global financial hubs, in line with the goals of the Dubai Economic Agenda D33.’
He commended DFM’s achievements and called for the continued development of capital markets to meet international standards, creating an optimal environment for both local and international investors. He acknowledged the pivotal role of Dubai’s VARA in enhancing transparency and solidifying the emirate’s standing as a global hub for virtual assets.
The meeting was attended by several notable figures, including Mohammad Al Gergawi, Vice Chairman of the Committee; Mohamed bin Hadi Al Hussaini, Omar Sultan Al Olama, Helal Saeed Al Marri, Essa Abdulfattah Kazim, Faisal Yousef bin Sulaitin, Fadel Abdulbaqi Al Ali, His Excellency Saeed AlEter, and Huda Sayed Naim Al Hashimi, Secretary General of the Committee.
The Dubai Financial Sector Strategy will implement 15 transformative programs over the next three years to drive growth and shape the future of global finance. The projects will focus on 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. It will also foster growth in the asset and wealth management sector by developing legislation and policies to attract new asset managers and family businesses.
The strategy focuses on enhancing the role of small and medium enterprises by developing innovative financing models that expand access to capital, ensuring the sustainability of SMEs and increasing their contribution to GDP.
The strategy’s approval 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). According to the Index, Dubai leads all global financial centers in future growth potential.
Sheikh Maktoum was briefed on the progress made by VARA in establishing Dubai as a premier global hub for virtual assets and related services. VARA is focused on strengthening infrastructure and expanding the virtual assets ecosystem while ensuring a secure environment for service providers and users.
Year-to-date VA transaction volumes across regulated entities under VARA surged to nearly AED2.5 trillion. Meanwhile, assets under management exceeded AED9.6 billion in 2025, driven by large institutional players’ participation.
The virtual assets sector contributes approximately 0.5% to Dubai’s GDP, equating to AED2.2 billion. Under VARA’s regime, the ecosystem is expected to responsibly scale, reaching an estimated 3% GDP, around AED13 billion.
Dubai hosts over 40 licensed virtual asset service providers (VASPs), making it the largest licensed market globally. Additionally, more than 600 registered service providers engage in advisory, technology, or proprietary trading activities.
During the meeting, Sheikh Maktoum reviewed DFM’s performance highlights. The DFM General Index surged 14.7% this year, positioning it among the world’s best-performing financial centers. Total market capitalization reached AED1 trillion in 2025. DFM also witnessed the AED1.4 billion IPO of ALEC Holding and a secondary public offering for DU valued at AED3.15 billion.
The Higher Committee for the Development of the Economic and Financial Sector aims to endorse economic and financial policies supporting the Dubai Economic Agenda D33. The committee coordinates efforts among economic and financial entities to ensure integration of activities and promote sectoral competitiveness.
Additionally, the Higher Committee monitors and anticipates future opportunities and challenges that may impact economic and financial sectors, framing appropriate recommendations. These efforts aim to ensure the success of strategic goals, enhancing Dubai’s competitiveness regionally and globally.
The committee also develops and implements plans to promote Dubai as a destination for investors, portfolio managers, and entrepreneurs, overseeing these plans’ execution. It reviews performance indicators from the economic and financial sectors, using them to strengthen and elevate Dubai’s standing globally.