UAE Leverages Artificial Intelligence To Transform The Global Financial Sector And Drive Economic Growth

The UAE is at the forefront of digital transformation and financial inclusion in the Middle East. This progress is largely driven by artificial intelligence, which has significantly impacted various economic sectors, especially finance and banking. These advancements are enhancing economic growth and solidifying the UAE's position in the global financial sector.

Official data highlights the UAE's active role in pioneering technology and AI-based solutions. The country is fostering a supportive environment to accelerate digital transformation. By 2031, the UAE aims to boost the digital economy's contribution to GDP to 20 percent.

International financial sector CEOs have acknowledged the UAE's leadership in applying technology and AI within its financial markets. They commend the country's efforts to build trust in its financial system through national initiatives and strong governance frameworks that ensure safe AI use.

Damian Hitchen, CEO of Saxo Bank MENA, praised the UAE for successfully using AI to enhance market efficiency, transparency, and investor access. He noted that automation aims to reduce human error risks and improve liquidity through advanced algorithms.

Mohammad Ghosheh, CEO of Noor Capital, highlighted that AI is being used to offer innovative services to investors. This aligns with a national strategy aiming for global leadership in AI by 2031. The UAE collaborates with major companies like Microsoft and Google, alongside national firms like G42.

Ghosheh mentioned that banks in the UAE are employing chatbots for 24/7 support and using AI for real-time data analysis to combat fraud. He expects significant investments in data security technologies such as blockchain by 2025.

Technological Advancements Driving Growth

Marc Pussard from APM Capital stated that the UAE has established itself as a key financial hub, particularly in trading. The sector is projected to grow at a compound annual rate of 5.5 percent due to regulatory measures and digital transformation acceleration.

Pussard noted that technologies like AI and blockchain have transformed operations by increasing transparency. Currently, AI-driven algorithms account for 80 percent of global currency trading transactions, enabling quick data analysis for decision-making.

Dubai's Role in Global Transformation

Razan Hilal from FOREX.com remarked on the UAE’s commitment to fintech innovation and advanced regulations, positioning it as a leader in technological transformations globally. Dubai plays a crucial role due to its economic agenda "D33" aligning with its Artificial Intelligence Strategy 2031.

Hilal explained that Dubai's investments in smart city initiatives will continue developing it into a hub for advanced technologies like decentralised finance and digital currencies.

The UAE remains committed to leading technological advancements across various sectors. Its strategic focus on artificial intelligence ensures continued growth and innovation within its financial markets while maintaining a secure investment environment.

With inputs from WAM