His Highness Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, First Deputy Ruler of Dubai and Deputy Prime Minister and Minister of Finance of the UAE, held a meeting with Oliver Jenkyn, group president of Global Markets at Visa, one of the largest digital payment companies worldwide.
This meeting underscores the UAE’s steadfast commitment to enhancing its collaboration with global financial technology leaders to foster innovation in financial technologies and digital financial services.
Vision for a future-ready financial ecosystem
During the extensive discussions with the Visa Group President, His Highness Sheikh Maktoum emphasized the UAE’s vision for a financial ecosystem that is prepared for the future, which involves utilizing advanced solutions to boost economic growth and facilitate global financial integration. He expressed the UAE’s dedication to strengthening strategic alliances with leading financial technology firms like Visa, noting that their advanced expertise aligns well with the mission to cultivate a robust and innovative financial landscape driven by next-generation technologies. His Highness indicated that by forging strong collaborations, the aim is not only to foster transformative growth within the UAE’s financial sector but also to establish new benchmarks for the future of digital financial services on both regional and global stages.
Read more: UAE’s debt capital markets grow 13.1 percent YoY to $294.4 billion by Q3 2024: Fitch
Attracting global financial leaders
His Highness pointed out that the UAE’s dynamic business environment and exceptional financial infrastructure have attracted some of the world’s largest financial companies. He highlighted that their innovative solutions have driven growth in the UAE and had a significant transformative effect across the broader region. His Highness also remarked that Visa’s remarkable growth over the past decade illustrates the substantial opportunities the UAE offers as a gateway to rapidly expanding emerging markets in the region. He added that the UAE and Dubai are keen to bolster support for Visa’s expansion and success within the region as part of their vision to drive transformation in the digital economy.
Visa’s commitment to UAE
Visa has established itself as a crucial player in the UAE’s financial landscape, deepening its presence over the years. In 2021, Visa inaugurated its new 100,000 square foot headquarters in Dubai Internet City, which serves as the hub for its operations in the Central and Eastern Europe, Middle East, and Africa (CEMEA) region. This headquarters supports Visa’s activities across approximately 90 countries in the region.
Innovation and technology development
Furthermore, a prominent feature of the headquarters is Visa’s Innovation Centre, where startups and Visa partners can develop and test cutting-edge technologies, including blockchain, virtual reality (VR), artificial intelligence (AI), and biometrics, to create innovative payment solutions. Moreover, as one of five such global facilities, the establishment of the Innovation Centre in Dubai highlights the UAE’s expanding role as a center for innovations that are shaping the future of the digital economy.
Financial performance and global reach
Additionally, in fiscal year 2023, Visa reported net revenues of $32.7 billion, reflecting an 11 percent increase from the previous year. The company facilitates transactions among businesses, banks, and governments across more than 200 countries and territories worldwide, boasting over 130 million merchant locations.
Attendees of the meeting
Moreover, the meeting was attended by His Excellency Mohamed bin Hadi Al Hussaini, UAE minister of State for Financial Affairs; His Excellency Omar Sultan Al Olama, UAE minister of State for Artificial Intelligence, Digital Economy, and Remote Work Applications; His Excellency Helal Almarri, director general of the Dubai Department of Economy and Tourism; and His Excellency Malek Al Malek, director general of the Dubai Development Authority and group chief executive officer of Dubai Holding Asset Management.
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