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 17K+ SUBSCRIBERS

Click to comment

Leave a Reply

Your email address will not be published.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

News

Google To Launch AI Hub In Saudi Arabia, Aiming For $71B GDP Boost

The tech giant also plans to develop local AI solutions, and train regional talent to foster innovation and entrepreneurship.

Published

on

google to launch ai hub in saudi arabia aiming for $71 billion gdp boost
Saudi Arabian Public Investment Fund (PIF)

Google has announced plans to set up a cutting-edge artificial intelligence (AI) hub in Saudi Arabia, a move aimed at accelerating technological growth and economic development across the wider gulf region. The ambitious project aligns with Saudi Arabia’s Vision 2030, an initiative that champions technology and innovation as central to economic diversification away from the oil industry.

According to Google, the hub has the potential to contribute as much as $71 billion to Saudi Arabia’s economy. The initiative will likely speed up the adoption of AI across industries such as healthcare, retail, and financial services — not only within Saudi Arabia but also throughout the wider MENA region and beyond.

Yasir Al Rumayyan, Governor of Saudi Arabia’s Public Investment Fund (PIF), highlighted the importance of the project for the Kingdom: “This partnership demonstrates PIF’s dedication to fostering an AI-friendly environment through investments in human capital and technology, upskilling thousands with cutting-edge tools to support our sustainable and innovative infrastructure goals,” he explained. Al Rumayyan also emphasized that Saudi Arabia’s combination of sector knowledge and long-term investment strategies makes it an ideal environment for global technology partnerships.

Also Read: Top Free AI Chatbots Available In The Middle East

A central aim of Google’s initiative is nurturing local talent. The AI hub will offer a range of training, research, and collaboration opportunities for developers, researchers, and entrepreneurs within Saudi Arabia. Google envisions training “millions” of people, helping to create a robust innovation ecosystem that supports entrepreneurship and ensures economic benefits reach all segments of society.

As international technology giants increasingly look to develop solutions tailored to regional needs, Google’s initiative reflects a progressive approach that leverages the strengths of local markets. With the potential to inject billions into the economy and strengthen digital capacities, Saudi Arabia could soon emerge as a prominent center for AI innovation in the Middle East.

Continue Reading

#Trending