Speaking at the announcement of the second Dubai FinTech Summit, Mohammad Alblooshi, CEO of DIFC Innovation Hub, stated that about 60% of all financial technology (fintech) companies in the GCC are presently based in Dubai.
According to data from dealroom.co, the Mena region is experiencing a boom in the fintech start-up and venture capital scene, with over 800 fintech start-ups valued at $15.5 billion.
According to market research and advisory firm Mordor Intelligence, the worldwide fintech industry is expected to be valued at $608 billion by 2029. Contrary to the general declining trend in the worldwide market, the Mena fintech market is projected to grow at a compound annual growth rate (CAGR) of more than 8% between 2024 and 2029.
The two-day Dubai FinTech Summit, organized by DIFC, will convene over 8,000 decision-makers, 300 speakers, and 200 exhibitors from May 6 to 7, 2024.
Alblooshi, emphasizing the industry's rapid growth, underscores the event's importance in addressing future challenges and opportunities. Last year's summit drew 5,000 C-suite leaders from 90+ countries, resulting in over 20 MoUs with global financial leaders. Notable attendees this year include governors of financial institutions and global executives like Adena Friedman of Nasdaq and Kazim of DIFC. The Summit will also feature the Grand Finale of the FinTech World Cup, offering winners up to $1 million in investment.
News Source: Khaleej Times
