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Fintech In The UAE Is Set To Add $900 Per Capita By 2030
The United Arab Emirates will add the highest value to its GDP per capita, followed by Saudi Arabia and Bahrain.
Analysts from UnaFnancial have calculated the value of fintech investment for the Gulf Coast Countries (GCC) in terms of the per-capita increase to GDP using Tracxn data.
In 2022, the United Arab Emirates was a regional leader, with $636.4 (1.01%) in GDP per capita coming from fintech. It was followed by Bahrain with $89 (0.24%) and Saudi Arabia with $75 (0.18%), highlighting the substantial gap between the UAE and its neighbors.
For the GCC region as a whole, the impact of fintech equaled $161 added to the GDP per citizen. Meanwhile, according to UnaFinancial’s forecast, the UAE will still have the highest value of fintech contribution to GDP per capita by 2030, equaling $915.6 (a 44%-increase over 2022). Saudi Arabia is expected to remain in second place but with a massive 650% increase to $561.5. For the GCC region as a whole, fintech will add $506.7 to the GDP per capita by 2030.
Also Read: A Guide To Digital Payment Methods In The Middle East
UnaFinancial’s analysts commented: “In terms of investment in fintech, the UAE makes up 62% of the entire GCC region. This is explained by the level of economic development of the country compared to other countries in the region. The GDP per capita for the population aged 15+ in the UAE equals $63,359, which is almost 4 times higher than the average in the GCC (excluding the UAE). Saudi Arabia and Bahrain are the countries with high average annual growth rates of fintech influence – 182.4%, which exceeds the region’s average by 1.5 times. Meanwhile, Kuwait, Oman, and Qatar are in a transition phase. The average growth rate of fintech influence on the well-being of their citizens equals 166.3% per year. Yet, there are higher investment risks due to lower economic stability”.
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NEOM Announces Breathtaking Luxury Waterfront Development
The residential community will offer a wealth of living, dining, and entertainment options, along with a stunning marina and international school.
The board of Saudi Arabia’s special economic zone, NEOM, has revealed plans for a new development named Jaumur. The project will see the creation of a “cosmopolitan luxury community” nestled on the coast of the Gulf of Aqaba.
According to a recent press release, the luxury residential community will “serve the highest standards of future livability and active lifestyle [offering] a unique blend of experiences on both land and sea, complementing NEOM’s evolving regional development in northwest Saudi Arabia”.
Jaumur will include 500 apartments and 700 luxury villas clustered around a marina that will become home to 6,000 lucky residents. The location will offer private moorings and easy waterfront access, along with a selection of upscale hotels with a combined capacity of 350 suites.
The marina itself is a dramatic focal point of the development, featuring a colossal 1.5km covered mooring area in the shape of an aerofoil. The cantilevered structure not only forms a breathtaking landmark but will also be able to shelter the world’s largest superyachts.
The marina promenade promises to be a lively, vibrant area featuring a host of entertainment, leisure, and cultural experiences, along with upscale retail stores and world-class restaurants.
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Although Jaumur is very much a place for sophisticated living and relaxation, the development will also incorporate a “state-of-the-art deep-sea research center and top-tier international boarding school”. Planners hope to attract world-leading oceanographic researchers as well as elite students to this unique location.
We’ll leave the final words about this exciting development to NEOM’s press department: “Jaumur’s unique architectural design integrates water where golden sands meet the deep blue of the Gulf of Aqaba. It is a luxury destination to visit, explore, live, and prosper: an opportunity to become part of a dynamic community”.
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