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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, today met with Oliver Jenkyn, Group President, Global Markets, Visa, one of the world’s largest digital payments companies.
The meetingreflects UAE’s ongoing commitment to strengthening its collaboration with global financial technology leaders to advance innovation in financial technologies and digital financial services.
During hiswide-ranging discussions with the Visa Group President, His Highness Sheikh Maktoum highlightedthe UAE’s vision for a future-ready financial ecosystem that leverages advanced solutions to enhance economic growth and global financial integration. His Highness remarked: “The UAE is committed to strengthening strategic partnerships with leading financial technology companies like Visa, whose advanced expertise aligns with our mission to create a robust, innovativefinancial landscape driven by next-generation technologies. By buildingrobust collaborations, we aim to not only bring transformative growth to the UAE’s financial sector but also set new benchmarks for the future of digital financial services, both regionally and globally.”
His Highness said that the UAE’svibrant business ecosystem and exceptional financial industry infrastructure have attracted some of the largest global financial companies, whoseinnovative solutions have not only driven growth in the UAE but have also had a transformative impact across the broader region.Visa’s growth over the past decade highlights the vast opportunities the UAE provides as a gateway to fast-growing emerging markets across the region, he said. The UAE and Dubai are eager to enhance its support for Visa’s expansion and success in the region as part of its vision to drivetransformation in the digital economy, His Highness added.
A key player in the UAE’s financial landscape, Visahas deepened its presence in the country over the years.In 2021, Visa opened its new 100,000 square feet headquarters in Dubai Internet City, which serves as its hub for the Central and Eastern Europe, Middle East and Africa (CEMEA) region. The HQ supports Visa’s operations in about 90 countries in the region.
One of the key features of the headquarters is Visa’s Innovation Centre, where start-ups and Visa partners can develop and experiment with cutting-edge technologies such as blockchain, virtual reality (VR), artificial intelligence (AI) and biometrics to build innovative payment mechanisms.One of five such global facilities, the establishment of the Innovation Centre in Dubai is testament tothe UAE’sgrowingglobal role as a centre forinnovations shaping the future of the digital economy.
Visa achieved net revenues of $32.7 billion in the fiscal year 2023, growing 11% from the previous year. The company facilitates transactions between businesses, banks and governments in more than 200 countries and territories all over the world. It has over 130 million merchant locations worldwide.
The meeting was attended by His Excellency Mohamed bin Hadi Al Hussaini, Minister of State for Financial Affairs; His Excellency Omar Sultan Al Olama, 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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