The United Arab Emirates (UAE) is a pivotal economic and technological hub in the Middle East and Africa, boasting advanced digital infrastructure and strategic initiatives such as the UAE Vision 2021 and Abu Dhabi Vision 2030.
With its financial centres in Dubai and Abu Dhabi ranked globally, the UAE is committed to leading in digital innovation and diversification across sectors including fintech, blockchain and the metaverse.
Financial hubs
Dubai (ranked 20th globally) and Abu Dhabi –also UAE’s capital city (ranked 37th globally) – the only country in MEA to rank in top 50 globally and with two cities as well.
Key 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 robust growth is evidenced by its developed economy, where approximately 90 per cent of the population comprises non-UAE nationals. With aspirations to become a digital leader and drive future economic growth, the UAE has invested heavily in digital infrastructure and innovation.
With a staggering internet penetration rate of 99 per cent and over 17 million mobile connections, the UAE exhibits high levels of connectivity and digital adoption. Moreover, around 85 per cent of the population has access to at least one formal financial service, underscoring the nation’s advanced digital economy. Little wonder then that the UAE has earned the distinction of being the most digitally advanced nation in the Arab World.
The UAE has implemented various strategies aimed at advancing digitalisation, including initiatives in blockchain technology and the metaverse. These efforts align with the nation’s broader economic diversification goals and play a crucial role in driving future prosperity.
At both national and emirate levels, mechanisms are in place to promote digitalisation and foster economic growth, with entities such as the Dubai International Financial Centre (DIFC) and Abu Dhabi Global Markets (ADGM) spearheading efforts to bolster the financial sector.
Dubai, in particular, has emerged as a fintech hotspot, hosting an estimated half of the total fintechs in the Middle East and North Africa (MENA) region. Meanwhile, Abu Dhabi has been actively investing in and promoting its fintech sector, further solidifying the UAE’s position as a leading fintech hub.
Notable fintechs in the UAE encompass a range of sectors, including wealthtech with companies like Finamaze and Sarwa, insurtech with players like Souqalmal, and payment solutions such as Tabby, which gained recognition as the UAE’s first fintech unicorn at the end of last year.
Breakdown of sector:
Timeline of key fintech highlights:
The UAE’s key milestones:
- 2006 Abu Dhabi Vision 2030 developed
- 2014 Smart Dubai Initiative launched
- 2017 DIFC Fintech Hive launches in DIFC with first accelerator programme cohort
- 2017 DIFC’s Dubai Financial Services Authority (DFSA) launches its regulatory sandbox
- 2018 Central Bank of the UAE (CBUAE) launches Project Aber to distributed ledger technology
- 2019 Hub71, Abu Dhabi’s startup hub, launches in ADGM
Key statistics of the country:
