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← The UAE is home to 50% of the fintech startups in the Middle East. Estimates show the country's market is set to grow 20% each year for the next four years.
A Launchpad for Success The UAE is putting in the work to become one of the best hubs for fintech startups in the world b y H . E . O M A R S U LTA N A L O L A M A
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he United Arab Emirates is on a mission to establish itself as a global hub for the fintech industry. Realizing this ambition will empower high-growth, innovative startups with a supportive trading environment and innovation ecosystem that will support them in creating platforms on which they can achieve global scale, while making finance simpler and more accessible for hundreds of millions of people globally.
The creation of hubs has played a key role in the fintech success story elsewhere across the world. Cities like San Francisco, London, and Shenzhen have served as hotbeds for ambitious businesses that have revolutionized the financial system and established themselves as household names. One of the principal attractions of hubs is
the network effects they provide, with incumbent and new organizations alike benefitting from a comprehensive ecosystem of talent, ideas, and investment. There are three principal reasons why the Emirates is becoming an ever more attractive destination for the global fintech industry. Firstly, the country is a strong entry
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point to the substantial commercial opportunity that exists in the Middle East and Africa. Secondly, the Emirates already has a burgeoning fintech sector that new entrants can tap into. Additionally, the country has a strong entrepreneurial culture and established track record as a home to high growth scaleups.
An emerging ecosystem Unlike more established markets such as the USA and Western Europe, a substantial proportion of the MENA region’s population are either underbanked or unbanked, including 136 million people in the Middle East alone. This means that scaling fintech startups have substantial commercial opportunities on their doorstep, which simultaneously support financial inclusion for those who need it most. The populous of the MENA region is relatively young, and this demography means that there is a lot of scope for growth. The median age in
