Home Tech Dubai hosts nearly 60% of fintech firms in the GCC.

Dubai hosts nearly 60% of fintech firms in the GCC.

The fintech landscape in the MENA region is experiencing a significant boom, boasting over 800 startups collectively valued at $15.5 billion.

by Jamsheera
Fintech in UAE

Mohammad Alblooshi, CEO of DIFC Innovation Hub, announced during the second edition of the Dubai FinTech Summit that nearly 60 percent of all fintech companies in the GCC are currently situated in Dubai. The fintech startup and venture capital scene in the MENA region is thriving, with over 800 fintech startups valued at $15.5 billion, as per data from dealroom.co.

According to Mordor Intelligence, a market intelligence and advisory firm, the global fintech sector is projected to reach a value of $608 billion by 2029. Despite the downward trend in the global market, the MENA fintech market is anticipated to exhibit a Compound Annual Growth Rate (CAGR) exceeding eight percent from 2024 to 2029.

The upcoming two-day summit aims to provide a platform for startups, investors, and industry leaders to network and leverage the expanding market opportunities in the region and beyond.

“Amidst the industry’s unprecedented growth, it’s essential for stakeholders to convene and address the forthcoming challenges and opportunities. The Dubai FinTech Summit aims to assemble the foremost figures in the sector, fostering an agenda focused on driving innovation, inclusivity, and collective growth,” remarked Alblooshi.

Organized by the Dubai International Financial Centre (DIFC), the Summit, scheduled from May 6 to May 7, 2024, anticipates the participation of over 8,000 decision-makers, 300 speakers, and more than 200 exhibitors.

The inaugural Dubai FinTech Summit in 2023 saw the participation of over 5,000 C-suite leaders from 90 countries, including over 1,000 investors and more than 150 speakers. Notably, the Summit facilitated the signing of over 20 Memorandums of Understanding (MoUs) with global financial leaders.

This year, the summit will host more than 20 governors from financial institutions and global executives. Among them are Kazim, the 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, alongside numerous other global industry leaders.

Locally, notable 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 of the 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 revealed on Day 2 of the summit, with the winners securing an investment of up to $1 million.

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