The United Arab Emirates (UAE) is an important economic and technological center in the Middle East and Africa, boasting advanced digital infrastructure and strategic initiatives such as UAE Vision 2021 and Abu Dhabi Vision 2030.
With its financial centers in Dubai and Abu Dhabi ranking globally, the UAE is committed to leading digital innovation and diversification in sectors including fintech, blockchain and the metaverse.
Financial hubs
Dubai (ranked 20th globally) and Abu Dhabi – also one of the UAE’s capital cities (ranked 37th globally) – are the only MEA countries to rank in the top 50 globally and have two also a city.
Main economic development strategy
UAE Centennial 2071, UAE Vision 2021, Abu Dhabi Vision 2030, Dubai Industrial Strategy 2030, UAE National Strategy for Artificial Intelligence (AI) 2031
Economic, financial services and fintech overview
The UAE stands as a prominent economy within the MEA region, boasting the regional hubs of Dubai and Abu Dhabi. Its strong growth is confirmed by its developed economy, where approximately 90 percent of the population consists of non-UAE nationals. With aspirations to become a digital leader and drive future economic growth, the UAE is investing heavily in digital infrastructure and innovation.
With a staggering internet penetration rate of 99 percent and over 17 million mobile connections, the UAE exhibits high levels of connectivity and digital adoption. In addition, about 85 percent of the population has access to at least one formal financial service, underscoring the country’s advanced digital economy. No wonder the UAE has earned the distinction of being the most digitally advanced country in the Arab World.
The UAE is implementing various strategies aimed at promoting digitalization, including blockchain technology initiatives and the metaverse. These efforts are in line with the broader goals of diversifying the country’s economy and will play an important role in driving future prosperity.
At the national and emirate level, there are mechanisms to promote digitalization and promote economic growth, with entities such as Dubai International Financial Center (DIFC) and Abu Dhabi Global Markets (ADGM) led efforts to strengthen the financial sector.
Dubai, in particular, has emerged as a fintech hotspot, hosting an estimated half of all fintech in the Middle East and North Africa (MENA) region. Meanwhile, Abu Dhabi is actively investing in and promoting the fintech sector, further strengthening the UAE’s position as a leading fintech hub.
Notable fintechs in the UAE cover a variety of sectors, including wealthtech in companies such as Let’s go and Brilliantinsurtech to players such as Souqalmaland payment solutions such as Tabbywhich gained recognition as the first fintech unicorn in the UAE at the end of last year.
Sectoral division:
Timeline of key fintech highlights:
The main milestone in the UAE:
- 2006 Abu Dhabi Vision 2030 was developed
- The 2014 Smart Dubai Initiative was launched
- 2017 DIFC Fintech Hive launched in DIFC with its first accelerator program cohort
- 2017 DIFC’s Dubai Financial Services Authority (DFSA) launched its regulatory sandbox
- 2018 Central Bank of the UAE (CBUAE) launched Project Aber on distributed ledger technology
- 2019 Hub71Abu Dhabi’s startup hub, launched by ADGM
Key country statistics:
This is an excerpt from The Fintech Times: Middle East and Africa (MEA) 2024 Report – read online.
https://thefintechtimes.com/wp-content/uploads/2024/06/UAE.jpg
