Dubai predicts that its cashless society strategy will add at least 8 billion dirhams ($2.1 billion) to the economy, driven by the development of financial technology services and the expansion of the fintech sector

Quotes that support claims

Anma Mohammed Lootah, Director of Digital Payment Systems Regulation, said the initiative could add AED 8 billion ($2.2 billion) annually to Dubai’s economy by accelerating fintech growth

The city rolled out its cashless strategy in October 2024, with 97% of government payments already digital in 2023. The DOF hopes that this digital drive will contribute 8 billion dirhams (roughly $2.1 billion) to Dubai’s economy.

The strategy has also been predicted to add at least 8 billion dirhams ($2.1 billion) to the economy, according to the DOF, fuelled by the development of financial technology services and the accelerated expansion of Dubai’s fintech sector.