Sharjah24 - WAM: The UAE continues to lead digital transformation and financial inclusion in the Middle East region, supported by the transformative power of artificial intelligence, which has become evident across a wide range of economic sectors, primarily in the financial and banking sectors.
This contributes to strengthening its economic growth and prosperity while solidifying its leading position in the global financial sector.
Official data indicate that the UAE has become one of the active and pioneering countries in innovating technology and AI-based solutions, as well as developing a nurturing, stimulating, and supportive environment for accelerating digital transformation.
Through these efforts, the UAE aims to increase the contribution of the digital economy to the GDP to 20 percent by 2031.
CEOs of international companies specialised in the financial sector told the Emirates News Agency (WAM) that the UAE is among the leading countries in applying technology and artificial intelligence in the financial sector and its stock markets.
They highlighted the UAE's ongoing and diligent efforts to enhance trust in the financial system and provide a secure and favourable investment environment through the integration of national initiatives and projects, along with establishing strong governance frameworks to ensure the safe and effective use of AI technologies.
The officials added that the UAE has successfully kept pace with the significant developments in the global fintech sector, noting that the strong culture of innovation in the UAE has bolstered its leadership as a global hub for technology and artificial intelligence. They said that the UAE's markets and financial centres have played a pivotal role in spearheading many initiatives that have significantly contributed to supporting the global economy.
Damian Hitchen, CEO of Saxo Bank MENA, said that the UAE has achieved great success in harnessing technology and artificial intelligence to develop its financial markets with the aim of enhancing their efficiency, increasing transparency and ease of access for investors.
He added that the UAE aspires, through the automation of operations, to significantly reduce the risk of human error and improve market liquidity, using advanced algorithms and systems powered by artificial intelligence, noting that these technologies help develop advanced trading strategies that can take advantage of market opportunities and mitigate risks.
Mohammad Ghosheh, CEO of Noor Capital, said that the financial sector in the UAE has harnessed artificial intelligence technology to provide advanced and innovative services to investors, noting that these efforts are based on a comprehensive national strategy to develop artificial intelligence until 2031, aiming to consolidate the UAE's position as a global leader in this field.
He added that the UAE is cooperating in this field with major international companies, such as Microsoft, Google, and OpenAI, in addition to the presence of giant national companies such as G42, which contributes to strengthening the country's leadership in developing advanced technologies in artificial intelligence.
He noted that UAE banks are currently using chatbots and virtual assistants to provide round-the-clock support quickly and accurately, in addition to using artificial intelligence to analyse real-time data to combat fraud and manage risks, which increases customer confidence in digital banks.
Ghosheh expects the financial sector in the UAE to witness high investments in data security using technologies such as artificial intelligence and blockchain to enhance privacy and security, noting that 2025 will also witness more advanced technological developments in the currency market, such as the widespread adoption of quantum computing and the emergence of decentralised finance platforms, as these innovations contribute to enhancing the efficiency of currency trading in the UAE.
Marc Pussard, Head of Risk, APM Capital, said that the UAE has solidified its position as a major financial hub, particularly in the trading sector. He noted that the financial sector in the country is expected to witness a compound annual growth rate of 5.5 percent, driven by regulatory measures and the acceleration of digital transformation.
He added that modern technologies such as artificial intelligence and blockchain have brought about a radical transformation in the financial sector in the UAE by streamlining operations and increasing transparency. He pointed out that AI-driven algorithms currently account for 80 percent of global currency trading transactions, enabling rapid analysis of complex data to make quick and decisive decisions.
Razan Hilal, Market Analyst, CMT at FOREX.com, told WAM that the UAE’s commitment to innovation in financial technology and the adoption of advanced regulatory systems has placed it at the forefront of technological transformations in the world and strengthened its leading role in the future of global financial markets.
She added that the UAE is ideally positioned for rapid developments in artificial intelligence, blockchain technology and financial technology innovations, which qualifies it to lead this global transformation, noting that the emirate of Dubai plays a major role in this regard thanks to the alignment of its economic agenda “D33” and its Artificial Intelligence Strategy 2031.
She explained that with its significant investments in smart city initiatives and advanced regulatory framework, Dubai will continue to develop into a global hub for advanced technologies, such as artificial intelligence, decentralised finance and digital currencies.
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