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UAE: Nearly 60% of GCC’s fintech firms are based in Dubai

The Mena region’s fintech landscape is booming, with over 800 start-ups worth $15.5 billion

Nearly 60 per cent of all the financial technology (fintech) companies in the GCC are currently based in Dubai, Mohammad Alblooshi, CEO of DIFC Innovation Hub, said while announcing the second edition of the Dubai FinTech Summit.

The Mena region’s fintech start-up and venture capital landscape is booming, with over 800 fintech start-ups worth $15.5 billion, according to data by dealroom.co.

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The global fintech sector is predicted to be valued at $608 billion by 2029, according to Mordor Intelligence, a market intelligence and advisory firm. Bucking the downward global market trend, the Mena fintech market is expected to register a CAGR of over eight per cent during the period 2024 to 2029.

The two-day summit will offer a platform for start-ups, investors and industry leaders to connect and capitalise on the growing market in the region and beyond.

“With the industry growing at an unprecedented rate, it is crucial for stakeholders to gather and discuss the challenges and opportunities that lie ahead. The Dubai FinTech Summit will bring together the most prominent figures in the industry, with an agenda that is aimed at driving innovation, inclusivity, and growth for all,” said Alblooshi.

Organised by Dubai International Financial Centre (DIFC), over 8000 decision-makers, 300 speakers and more than 200 exhibitors will take part in the Summit on May 6 to May 7 2024.

The inaugural Dubai FinTech Summit in 2023 attracted over 5000 C-suite leaders from over 90 countries including more than 1000 investors and more than 150 speakers. Over 20 MoUs were signed with global financial leaders during the Summit.

More than 20 governors of financial institutions and global executives will attend the summit this year, including Kazim, governor of DIFC, UAE; Adena Friedman, chairwoman and CEO of Nasdaq Inc; Nic Dreckman, CEO of Bank Julius Baer & Co.; Yie-Hsin Hung, president & CEO of State Street global advisors; and Jim Demare, president of Global Markets at Bank of America, along with many other global industry leaders.

Notable local speakers include Abdullah bin Touq Al Marri, UAE Minister of Economy; Helal Saeed Al Marri, director-general of the Department of Economy and Tourism, Dubai; Salem Humaid Al Marri, director-general, Mohammed Bin Rashid Space Centre, UAE; and Faisal Belhoul, vice-chairman of the Dubai Chamber.

A key highlight of the Dubai FinTech Summit will be the Grand Finale of the FinTech World Cup (FWC). The champions of the FinTech World Cup will be announced on Day 2 of the summit with the winners securing an investment of up to $1 million.

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