The UAE continues to lead digital transformation and financial inclusion in the Middle East, driven by artificial intelligence (AI) innovations that have transformed multiple sectors, particularly finance and banking.
These advancements have boosted the nation’s economic growth and strengthened its global financial standing. Official data reveals that the UAE is one of the world’s pioneers in AI and tech-based solutions, cultivating an environment that fosters digital transformation. The country’s goal is to increase the contribution of the digital economy to its GDP to 20 percent by 2031.
In interviews with the Emirates News Agency (WAM), CEOs from leading financial firms acknowledged the UAE’s leadership in implementing AI across its financial markets. They highlighted the country’s commitment to enhancing trust in its financial systems by integrating national initiatives, establishing governance frameworks, and ensuring the safe use of AI technologies. These efforts have positioned the UAE as a global fintech leader, with its markets playing a key role in supporting international economic growth.
Damian Hitchen, CEO of Saxo Bank MENA, emphasised the UAE’s success in leveraging AI to enhance financial market efficiency, transparency, and accessibility. Automation, driven by advanced AI systems, has reduced the risk of human error and improved market liquidity. Hitchen noted that AI-powered algorithms are increasingly being used to develop sophisticated trading strategies, allowing investors to capitalise on opportunities while mitigating risks.
Mohammad Ghosheh, CEO of Noor Capital, praised the UAE’s comprehensive AI strategy, which aims to establish the nation as a global leader by 2031. He highlighted the UAE’s partnerships with major international tech firms like Microsoft, Google, and OpenAI, as well as the contributions of national companies like G42. This collaboration has solidified the UAE’s position at the forefront of AI development. According to Ghosheh, UAE banks have embraced AI to improve customer service through chatbots and virtual assistants, while also enhancing fraud detection through real-time data analysis. The continued investment in AI and blockchain technology is expected to enhance data security and privacy, particularly in currency markets.
Marc Pussard, Head of Risk at APM Capital, also recognised the UAE’s position as a key global financial hub, especially in the trading sector. He projected a compound annual growth rate of 5.5 percent in the financial sector, driven by digital transformation and robust regulatory frameworks. Pussard added that AI-driven algorithms now account for 80 percent of global currency trading transactions, enabling rapid and accurate data analysis that supports quick decision-making.
Razan Hilal, Market Analyst at FOREX.com, affirmed the UAE’s commitment to financial innovation. With its significant investments in AI, blockchain, and fintech, the UAE is well-positioned to lead the global financial transformation. Dubai, in particular, is set to play a pivotal role in this development due to its “D33” economic agenda and its focus on the Artificial Intelligence Strategy 2031. Hilal concluded that Dubai’s regulatory advancements and smart city initiatives will ensure its continued growth as a global hub for advanced technologies such as decentralised finance and digital currencies.