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Dubai to Drop Banknotes in Payments

Setting and activating a cashless payment framework enables individuals to achieve financial savings in many aspects of life, according to Director General of Dubai’s Department of Finance. Reuters
Setting and activating a cashless payment framework enables individuals to achieve financial savings in many aspects of life, according to Director General of Dubai’s Department of Finance. Reuters
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Dubai to Drop Banknotes in Payments

Setting and activating a cashless payment framework enables individuals to achieve financial savings in many aspects of life, according to Director General of Dubai’s Department of Finance. Reuters
Setting and activating a cashless payment framework enables individuals to achieve financial savings in many aspects of life, according to Director General of Dubai’s Department of Finance. Reuters

Dubai’s government is seeking to drop banknotes by shifting all payment transactions to secure and easy-to-use cashless platforms.

Dubai said it has formed the “Cashless Dubai Working Group,” which brings together Smart Dubai, Dubai’s Department of Finance (DOF), the Supreme Legislation Committee, Dubai Economy, Dubai Police, Dubai Economic Security Center, Dubai Chamber and Dubai Tourism and Commerce Marketing to drive a secure transition.

The Group will be entrusted with a set of key objectives including the development of a roadmap for the transition towards a cashless society.

It will launch a series of ambitious initiatives targeting all segments of the community to create the infrastructure and favorable conditions for eliminating the use of cash.

At its inaugural meeting, it launched the “Dubai Cashless Framework Report,” developed by Smart Dubai and the Dubai Department of Finance.

The report seeks to promote the use of smart payment platforms for all transactions to phase out the use of physical cash.

It forms part of the working group’s efforts to support the emirate’s full digital transition and make Dubai the world’s smartest and happiest city, in line with the directives of the UAE’s leadership and the objectives of the UAE Centennial 2071 plan.

“Setting and activating a cashless payment framework will advance various aspects of economic activity in Dubai, stimulate thoughtful spending, raise revenue and enhance cost effectiveness, whether at the government or private sector level, as well as enabling individuals to make financial savings,” said Director General of Dubai's DOF Abdulrahman Saleh al-Saleh.

Director General of Dubai Economy Sami al-Qamzi, for his part, said the Dubai government is keen to accelerate the growth of the cashless economy and enhance digital payments, which is one of the key pillars in Dubai’s smart transformation.

Younus Al Nasser, assistant director general of Smart Dubai and CEO of the Dubai Data Establishment, said embracing such advanced breakthroughs is a key part of Smart Dubai’s mandate as it strives to achieve its mission to ensure people’s wellbeing, develop the emirate’s smart infrastructure and ultimately harness technology to transform Dubai into the world’s happiest and smartest city.

The report benchmarked four countries that have successfully led a full transition towards a cashless society.

The Smart Dubai team working on the report used references from international studies to identify the benefits of transitioning towards a cashless society, Nasser affirmed.

Going cashless brings about an array of advantages, ranging from economic benefits to greater health and safety standards for citizens and residents.

From a health perspective, the minimal physical contact involved in smart transactions is a particular consideration in light of the COVID-19 pandemic.

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‘Middle East Green Initiative’ Aims to Launch Projects in Multiple Countries by 2025

A group photo of participants at the Jeddah meeting, which approved the membership of 10 countries (Ministry of Environment)
A group photo of participants at the Jeddah meeting, which approved the membership of 10 countries (Ministry of Environment)
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‘Middle East Green Initiative’ Aims to Launch Projects in Multiple Countries by 2025

A group photo of participants at the Jeddah meeting, which approved the membership of 10 countries (Ministry of Environment)
A group photo of participants at the Jeddah meeting, which approved the membership of 10 countries (Ministry of Environment)

Dr. Osama Faqih, head of the executive committee for the “Middle East Green Initiative,” announced plans to launch several qualifying projects in member countries by the end of 2025.

He also stated that the initiative will establish a secretariat and outlined specific criteria for selecting the Secretary-General, who will be approved by the executive committee and the ministerial council.

Faqih outlined the implementation phases of the initiative, starting with a founding team of 16 regional countries and an executive committee of 20 founding states. This committee will establish the governance for the initiative, as projects will be based in member countries.

Speaking to Asharq Al-Awsat, Faqih explained that funding will come from regional and international countries, the private sector, and various financial institutions, according to the initiative’s charter.

He noted that Crown Prince Mohammed bin Salman announced a donation during the second summit of the Middle East Initiative in Sharm El Sheikh, Egypt, held alongside the Climate Conference. The secretariat will be located in Riyadh.

Membership in the initiative is divided into two categories: regional countries, which include Central and Southwestern Asia, North Africa, and sub-Saharan Africa, can host projects and contribute to achieving the initiative's goals. Non-regional countries can also join to support financial and technical funding.

The initiative prioritizes land rehabilitation, with Faqih highlighting the global challenges of land degradation and desertification.

He noted that over 99% of the world’s calories and about 95% of food come from land, making these issues critical for food security. The initiative aims to rehabilitate 200 million hectares of land in member countries, providing significant environmental, economic, and social benefits, such as carbon storage, vegetation growth, food security, and social welfare.

Faqih’s comments followed the first session of the ministerial council for the “Middle East Green Initiative,” held in Jeddah, Saudi Arabia.

The council welcomed ten regional countries and one non-regional country, the United Kingdom, as an observer.

They also set ambitious national policies and targets for vegetation development, agreeing on a governance structure that includes 32 elements covering the organizational framework, secretariat, project types, submission mechanisms, evaluation criteria, and funding processes.

Saudi Minister of Environment, Water, and Agriculture Abdulrahman Al-Fadley, who chaired the session, emphasized the need for regional cooperation to enhance vegetation development and address environmental challenges, particularly desertification and limited greenery in the region.

He indicated that the meeting marks a shift to the implementation phase, urging all member countries, both regional and non-regional, to join and actively participate in the initiative and its trust fund.