Maktoum bin Mohammed Meets Visa's Oliver Jenkyn, Group President

Post by: Omar Nasser

Photo : Dubai government media office

His Highness Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, the First Deputy Ruler of Dubai and Deputy Prime Minister and Minister of Finance of the UAE, held a meeting today with Oliver Jenkyn, the Group President for Global Markets at Visa, one of the largest global digital payments companies.

This important meeting reflects the UAE's ongoing efforts to strengthen its collaboration with global financial technology leaders in order to foster innovation in financial services and digital payment systems. It is in line with the country's vision of creating a future-ready financial ecosystem that integrates advanced technologies to fuel economic growth and enhance global financial connectivity.

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During the meeting, His Highness Sheikh Maktoum emphasized the UAE’s commitment to building strategic partnerships with leading financial technology firms like Visa. He highlighted how Visa’s technological expertise aligns perfectly with the UAE’s ambition to establish a robust, innovative financial sector powered by next-generation solutions. His Highness remarked: "The UAE is dedicated to advancing collaborations with global fintech companies such as Visa, whose innovative capabilities are critical to our mission of developing a dynamic financial ecosystem. By forging these strong partnerships, we aim to catalyze transformative growth in our financial sector while setting new global benchmarks in digital finance."

His Highness also pointed out that the UAE's thriving business environment and state-of-the-art financial infrastructure have made it a magnet for major global financial institutions. He noted that the success of these companies within the UAE has had far-reaching effects on the broader region, driving growth and creating new opportunities. Visa’s remarkable expansion over the past decade further illustrates the UAE's potential as a key gateway to the fast-growing markets in the Middle East and North Africa (MENA) region. The UAE is eager to continue supporting Visa’s growth in the region, he added, as part of the nation’s broader plan to propel the digital economy.

Visa has become a major player in the UAE’s financial landscape, and the company has continuously expanded its presence in the country. In 2021, Visa opened a new 100,000 square-foot headquarters in Dubai Internet City, which now serves as the hub for Visa’s operations across the Central and Eastern Europe, Middle East, and Africa (CEMEA) region. This facility manages Visa’s activities across 90 countries in the region.

One of the highlights of Visa’s headquarters is its Innovation Centre, a space dedicated to fostering innovation where startups and partners can collaborate on cutting-edge technologies, including blockchain, artificial intelligence (AI), biometrics, and virtual reality (VR) to develop new payment systems. The Innovation Centre in Dubai is one of just five global facilities and demonstrates the UAE’s growing role as a global leader in shaping the future of the digital economy.

Visa’s remarkable success is evident, with the company posting $32.7 billion in net revenues for the fiscal year 2023, marking an 11% increase over the previous year. Visa continues to serve as a global hub for digital payments, connecting businesses, banks, and governments across over 200 countries and territories, with more than 130 million merchant locations.

The meeting was attended by several prominent officials, including 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 CEO of Dubai Holding Asset Management.

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