Dubai, UAE – In a significant move to advance the emirate’s transition toward an integrated digital economy, the Dubai Department of Finance (DOF) and the Dubai Free Zones (DFZ) Council formalized a Memorandum of Understanding (MoU) on January 8, 2026. The agreement, witnessed by His Highness Sheikh Ahmed bin Saeed Al Maktoum, Chairman of the DFZ Council, is designed to align joint efforts in supporting the ambitious Dubai Cashless Strategy. This collaboration aims to accelerate the adoption of digital alternatives across all financial transactions, reinforcing Dubai’s standing as a premier global digital hub.
The signing ceremony brought together key government figures, including His Excellency Abdulrahman Saleh Al Saleh, Director General of DOF, and His Excellency Dr. Mohammed Al Zarooni, Secretary General of the Dubai Free Zones Council. The partnership establishes a clear framework for comprehensive governmental integration, focused on achieving near-total digital enablement and elevating transaction efficiency throughout the emirate’s vital business ecosystems.
Strengthening the Cashless Ecosystem
The Dubai Cashless Strategy sets aggressive targets, seeking to raise the share of cashless transactions to 90% of all public and private sector financial activities, coupled with ensuring 100% digital enablement of institutions by the close of 2026. This initiative is a core component of the broader Dubai Economic Agenda D33.
The MoU outlines several critical areas of cooperation:
- Knowledge Exchange and Data Analytics: Both entities will share expertise in cashless transformation and collaborate on data modeling to effectively track progress and measure the impact of digital initiatives.
- Adoption of Financial Technologies: The agreement prioritizes leveraging advanced financial technologies (FinTech) to streamline payment processes and user experiences.
- Capacity Building and Awareness: Joint efforts will focus on launching awareness campaigns and educational programs to encourage the widespread adoption of digital payment tools among businesses and residents alike.
- Specialized Working Groups: The formation of dedicated teams to generate innovative, actionable strategies for accelerating the shift toward a fully cashless society.
His Excellency Abdulrahman Saleh Al Saleh of DOF emphasized the government’s collaborative commitment. “The MoU reflects the Dubai Government’s commitment to strengthening partnerships and unifying efforts to accelerate the transition towards an integrated digital transactions ecosystem,” he stated. He added that leveraging the latest financial technology solutions enhances the efficiency of financial transactions, preparing both the public and private sectors for future demands.
Enhancing Business Resilience in Free Zones
Dubai’s free zones are central to its economic vitality. Enhancing payment efficiency within these zones is crucial for maintaining global competitiveness.
His Excellency Dr. Mohammed Al Zarooni of the DFZ Council highlighted the practical implications. “This step represents a practical framework for strengthening cooperation with relevant government entities and supporting Dubai’s strategic direction toward an advanced digital transactions ecosystem,” Dr. Al Zarooni noted. He added that the initiative specifically enhances the efficiency of services and the resilience of the business environment across free zones in the long term, cementing Dubai’s position as a global hub for the digital economy.
The successful implementation of this agreement is expected to significantly streamline administrative processes, cut down on manual transaction costs, and provide a more secure and efficient financial environment for the hundreds of thousands of businesses operating within Dubai’s free zones. This formalized partnership demonstrates a strong governmental push to lead by example, building the infrastructure necessary to realize the D33 agenda and confirming Dubai’s role as a pioneering global digital city.