Dubai Initiates Comprehensive Financial Reform to Boost Global Standing

According to PANews, Dubai has launched a comprehensive financial reform plan aimed at positioning itself among the world's top three financial centers. The Dubai Government Media Office announced that the newly introduced 'Dubai Financial Industry Strategy' framework will focus on virtual assets, capital markets, and financial technology as key pillars for future economic growth. The plan seeks to accelerate the development of Dubai's digital asset infrastructure, which already holds a leading edge, and facilitate the transition from traditional financial services to digital finance. The virtual asset industry was established three years ago under the UAE Virtual Asset Law and currently contributes approximately 0.5% to Dubai's GDP, equivalent to 2.2 billion dirhams (around $600 million). As the virtual asset ecosystem expands, Dubai aims to increase this contribution to about 3%, or 13 billion dirhams (approximately $3.5 billion).