The UAE has become a leading country in the development of AI-based technologies and solutions.
The UAE is at the forefront of digital transformation and financial inclusion in the Middle East, leveraging the remarkable capabilities of artificial intelligence (AI) across various economic sectors, including finance and banking. This commitment enhances economic growth and prosperity while strengthening its leading status in the global financial landscape.
According to official statistics, the UAE has become a leading country in the development of technological and AI-based solutions, fostering an enabling environment that accelerates digital transformation. The country aims to increase the contribution of the digital economy to GDP to 20% by 2031.
Global recognition in finance
CEOs of international companies in the financial sector informed the Emirates News Agency (WAM) that the UAE is one of the main competitors in the implementation of technology and artificial intelligence within their financial systems and their stock markets.
Read more: UAE AI company G42 to unveil ‘Intelligence Grid’ at GITEX 2024
Building trust in financial systems
They highlighted the UAE’s continued efforts to build confidence in its financial framework and create a secure investment climate by integrating national initiatives and strong governance structures, ensuring the safe and effective deployment of AI technologies.
Keeping pace with advances in Fintech
Officials noted that the UAE has kept pace with significant advancements in the global fintech space. The country’s strong culture of innovation has cemented its position as a global technology and AI hub, with its markets and financial centers spearheading many initiatives that significantly support the global economy.
Improving market efficiency
Damian Hitchen, CEO of Saxo Bank MENA, highlighted the UAE’s success in using technology and artificial intelligence to improve the efficiency, transparency and accessibility of its financial markets for investors.
Reduce the human error
Furthermore, Hitchen mentioned that the UAE seeks to minimize human errors and improve market liquidity through automation of operations, using advanced algorithms and AI-based systems to develop business strategies sophisticated solutions that capitalize on market opportunities and mitigate risks.
Collaboration with global giants
Mohammad Ghosheh, CEO of Noor Capitalhighlighted that the UAE financial sector has effectively integrated artificial intelligence to offer innovative services to investors, driven by a comprehensive national strategy to position the UAE as a global leader in AI by 2031.
He added that the UAE is collaborating with major international companies such as Microsoft, Google and OpenAI, alongside leading domestic companies such as G42, to strengthen its leadership in the development of AI technologies.
Advances in customer support
Ghosheh highlighted that banks in the UAE now employ chatbots and virtual assistants for fast and accurate assistance 24/7, while AI is also used to analyze real-time data for purposes fraud prevention and risk management, which strengthens customer confidence in digital banking.
Focus on data security
Additionally, Ghosheh plans significant investments in data security within the financial sector, leveraging technologies such as AI and blockchain to improve privacy and protection. He also noted that 2025 will likely see advanced developments in currency markets, including the wider adoption of quantum computing and the rise of decentralized finance platforms, thereby improving the efficiency of currency trading in the UAE .
Maintain financial center status
Marc Pussard, head of risk at APM Capital, said the UAE has established itself as a key financial hub, particularly in the area of trade. It projects a compound annual growth rate of 5.5% for the financial sector, driven by regulatory reforms and accelerating digital transformation.
Transformative technologies
Pussard noted that modern technologies such as AI and blockchain have fundamentally transformed the UAE’s financial landscape, streamlining operations and improving transparency. Currently, AI-based algorithms account for 80% of global currency trading transactions, enabling rapid data analysis and rapid decision-making.
Commitment to fintech innovation
Razan Hilal, market analyst at FOREX.com, explained that the UAE’s commitment to fintech innovation and advanced regulatory frameworks has positioned it at the forefront of technological changes around the world, strengthening thus their role in the future of global financial markets.
Positioning for future developments
Hilal asserted that the UAE is well prepared for rapid advancements in AI, blockchain and fintech innovations, which qualifies it to lead this global transformation. Dubai plays an important role in this area, thanks to its “D33” economic agenda and its 2031 artificial intelligence strategy.
Investing in smart city initiatives
With substantial investment in smart city initiatives and a strong regulatory framework, Dubai is poised to become a global hub for cutting-edge technologies such as AI, decentralized finance and digital currencies.
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