Connect with us

News

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.

Published

on

RMJM

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.

una financial uae fintech gpd per capita

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”.

Advertisement

📢 Get Exclusive Monthly Articles, Updates & Tech Tips Right In Your Inbox!

JOIN 23K+ SUBSCRIBERS

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

News

Spotify Will Now Tell You If Your Favorite Artist Isn’t Real

The streaming platform is introducing an “AI Personas” label and cutting AI-generated artist profiles from its recommendations.

Published

on

spotify will now tell you if your favorite artist isn't real
Spotify

These days, the question of whether the artist you’re streaming actually exists is no longer hypothetical. Spotify intends to combat this issue by introducing a label called “AI Personas” for artist profiles that present an AI-generated, human-like identity rather than a real person. More consequentially, it will also keep those profiles out of its editorial and algorithmic recommendations by default.

From mid-September, listeners will start seeing an AI Persona badge on artist profiles, appearing in the banner and About section, in Search, and on track rows across playlists. Tapping the badge reveals whether the artist disclosed the AI identity themselves, or whether Spotify’s review team made the determination after examining the profile.

That distinction matters, because Spotify is not relying on self-disclosure alone. Artists can flag their own profiles as AI Personas through Spotify for Artists as of today, but the platform will also review profiles whose public identity – including name and imagery – appears to represent photorealistic AI-generated identities. The rollout begins with artists who have met defined audience thresholds, so the labels cover the vast majority of profiles listeners actually visit. Artists badged by Spotify’s reviewers will be notified and can self-disclose or appeal, and in the coming months listeners will be able to report suspected AI Personas themselves.

Also Read: Shokz OpenFit Pro Review: Open-Ear Audio Finally Grows Up

The company’s recommendations policy is also being tweaked. Music from AI Personas will not surface in a listener’s personalized recommendations unless, for example, they follow the artist. Spotify says all artists have a creative choice in how they present themselves, but its programming is focused on elevating music from authentic artists building careers in music.

The badge concerns identity, not production of the music itself. An artist who uses AI tools to make music is a separate question, one Spotify addresses through AI Credits and SongDNA. The AI Persona label sits alongside those features, plus Verified by Spotify and Artist Profile Protection, in what the company has made one of its top priorities this year: letting listeners trust that the artist behind the music is who they claim to be.

Continue Reading

#Trending