emirates7 - The UAE continues to lead the way in digital transformation and financial inclusion within the Middle East, driven by the transformative impact of artificial intelligence (AI) across various economic sectors, particularly in finance and banking. This progress has helped to bolster the nation's economic growth and strengthen its position as a global financial leader.
Official data highlights that the UAE has emerged as a pioneer in developing technology and AI-based solutions, fostering an environment that accelerates digital transformation. These efforts are aligned with the nation’s goal to increase the digital economy's contribution to its GDP to 20 percent by 2031.
Executives from international financial firms told the Emirates News Agency (WAM) that the UAE is at the forefront of integrating technology and AI within its financial sector, including stock markets. They emphasized the country's commitment to building trust in the financial system and creating a secure investment environment, supported by national initiatives, projects, and robust governance frameworks to ensure the safe and effective deployment of AI technologies.
The executives further noted that the UAE's ability to keep pace with global advancements in fintech has been instrumental in establishing its status as a global technology and AI hub. Financial markets and centers in the UAE have led numerous initiatives, contributing significantly to global economic support.
Damian Hitchen, CEO of Saxo Bank MENA, remarked that the UAE has achieved substantial success in utilizing AI and technology to enhance its financial markets. This includes improving efficiency, transparency, and accessibility for investors. He noted that by automating operations, the UAE aims to reduce human error and improve market liquidity, utilizing advanced AI algorithms to develop trading strategies that capitalize on market opportunities and manage risks.
Mohammad Ghosheh, CEO of Noor Capital, highlighted that the UAE's financial sector leverages AI to offer innovative services to investors, guided by a comprehensive national AI strategy that extends to 2031. This strategy aims to cement the UAE’s leadership in AI on a global scale. He added that the country collaborates with major international companies like Microsoft, Google, and OpenAI, alongside national giants such as G42, to advance AI technologies.
Ghosheh also pointed out that UAE banks are currently using AI-driven chatbots and virtual assistants for efficient, 24/7 customer support, as well as AI tools for real-time data analysis to combat fraud and manage risk, thereby enhancing trust in digital banking. He anticipates significant investments in data security technologies, such as AI and blockchain, to bolster privacy and security. Furthermore, by 2025, innovations like quantum computing and decentralized finance platforms are expected to revolutionize the currency market in the UAE, enhancing trading efficiency.
Marc Pussard, Head of Risk at APM Capital, stated that the UAE has solidified its reputation as a key financial hub, especially in the trading sector. He projected a 5.5 percent compound annual growth rate for the financial sector, driven by regulatory measures and accelerating digital transformation. He noted that AI and blockchain technologies have revolutionized the financial sector by streamlining processes and enhancing transparency, with AI-driven algorithms now accounting for 80 percent of global currency trades.
Razan Hilal, Market Analyst at FOREX.com, told WAM that the UAE’s dedication to fintech innovation and advanced regulatory systems has positioned it as a leader in global technological transformations, reinforcing its role in the future of global financial markets. She emphasized that the UAE is well-prepared for rapid advancements in AI, blockchain, and fintech, which positions it to spearhead global change.
Hilal further explained that Dubai, in particular, plays a significant role in this transformation, driven by the alignment of its economic agenda, "D33," and the national AI Strategy 2031. With substantial investments in smart city initiatives and an advanced regulatory framework, Dubai is set to continue its evolution into a global hub for emerging technologies, including AI, decentralized finance, and digital currencies.
Official data highlights that the UAE has emerged as a pioneer in developing technology and AI-based solutions, fostering an environment that accelerates digital transformation. These efforts are aligned with the nation’s goal to increase the digital economy's contribution to its GDP to 20 percent by 2031.
Executives from international financial firms told the Emirates News Agency (WAM) that the UAE is at the forefront of integrating technology and AI within its financial sector, including stock markets. They emphasized the country's commitment to building trust in the financial system and creating a secure investment environment, supported by national initiatives, projects, and robust governance frameworks to ensure the safe and effective deployment of AI technologies.
The executives further noted that the UAE's ability to keep pace with global advancements in fintech has been instrumental in establishing its status as a global technology and AI hub. Financial markets and centers in the UAE have led numerous initiatives, contributing significantly to global economic support.
Damian Hitchen, CEO of Saxo Bank MENA, remarked that the UAE has achieved substantial success in utilizing AI and technology to enhance its financial markets. This includes improving efficiency, transparency, and accessibility for investors. He noted that by automating operations, the UAE aims to reduce human error and improve market liquidity, utilizing advanced AI algorithms to develop trading strategies that capitalize on market opportunities and manage risks.
Mohammad Ghosheh, CEO of Noor Capital, highlighted that the UAE's financial sector leverages AI to offer innovative services to investors, guided by a comprehensive national AI strategy that extends to 2031. This strategy aims to cement the UAE’s leadership in AI on a global scale. He added that the country collaborates with major international companies like Microsoft, Google, and OpenAI, alongside national giants such as G42, to advance AI technologies.
Ghosheh also pointed out that UAE banks are currently using AI-driven chatbots and virtual assistants for efficient, 24/7 customer support, as well as AI tools for real-time data analysis to combat fraud and manage risk, thereby enhancing trust in digital banking. He anticipates significant investments in data security technologies, such as AI and blockchain, to bolster privacy and security. Furthermore, by 2025, innovations like quantum computing and decentralized finance platforms are expected to revolutionize the currency market in the UAE, enhancing trading efficiency.
Marc Pussard, Head of Risk at APM Capital, stated that the UAE has solidified its reputation as a key financial hub, especially in the trading sector. He projected a 5.5 percent compound annual growth rate for the financial sector, driven by regulatory measures and accelerating digital transformation. He noted that AI and blockchain technologies have revolutionized the financial sector by streamlining processes and enhancing transparency, with AI-driven algorithms now accounting for 80 percent of global currency trades.
Razan Hilal, Market Analyst at FOREX.com, told WAM that the UAE’s dedication to fintech innovation and advanced regulatory systems has positioned it as a leader in global technological transformations, reinforcing its role in the future of global financial markets. She emphasized that the UAE is well-prepared for rapid advancements in AI, blockchain, and fintech, which positions it to spearhead global change.
Hilal further explained that Dubai, in particular, plays a significant role in this transformation, driven by the alignment of its economic agenda, "D33," and the national AI Strategy 2031. With substantial investments in smart city initiatives and an advanced regulatory framework, Dubai is set to continue its evolution into a global hub for emerging technologies, including AI, decentralized finance, and digital currencies.