UAE Leads Digital Transformation in Financial Sector through AI Innovation

The UAE is at the forefront of digital transformation and financial inclusion in the Middle East, leveraging artificial intelligence (AI) to enhance various economic sectors, particularly finance and banking.

This commitment to technology is expected to bolster the UAE's economic growth, aiming to increase the digital economy's contribution to the GDP to 20% by 2031.

Official data highlight the UAE’s pioneering role in developing AI-based solutions and fostering a supportive environment for digital advancement. CEOs from international financial firms, affirmed the UAE's leadership in integrating technology within its financial markets. These initiatives are designed to enhance trust in the financial system and create a secure investment landscape through strong governance and national projects.

Damian Hitchen, CEO of Saxo Bank MENA, emphasized the success of AI in streamlining operations and improving market liquidity, while Mohammad Ghosheh, CEO of Noor Capital, noted the UAE's collaboration with global tech giants like Microsoft and Google to advance AI technologies. He highlighted the use of chatbots and real-time data analytics to bolster customer confidence in digital banking.

Experts predict significant investments in data security and advancements in currency trading technologies, including quantum computing and decentralized finance platforms, by 2025. Marc Pussard of APM Capital pointed out that AI-driven algorithms now account for 80% of global currency trading transactions, revolutionizing the financial landscape.

Razan Hilal, a market analyst at FOREX.com, stated that the UAE’s commitment to innovation positions it as a global leader in financial technology, with Dubai emerging as a key player in this technological revolution through its “D33” economic agenda and AI Strategy 2031.

News Source: Emirates News Agency