Fintechs Have Strong Prospects In Middle East

Fintech startups command attention:

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Many countries in the Middle East have come to realize that oil is no more a dependable commodity for their economies to prosper and they have in right earnest begun identifying other sectors that could be exploited in order to be surviving in a precarious situation. For example, Saudi Arabia and the United Arab Emirates (UAE) are leveraging their strengths in technology and innovation. In Saudi Arabia there is Vision 2030, which is expected to take the country out of its dependence on oil. UAE on the other hand has initiated Smart Dubai, which comprises 100 initiatives to transform 1000 government services to smart service.

And fintech is named one of the key priorities in these countries. While this sector may not be as prominent or vast in the Middle East compared to the activities in this sector in the US, Europe or for example, in Singapore, there has been tremendous growth, especially in Abu Dhabi and Dubai and in Egypt, Jordan and Lebanon. Several startups, notably from the UAE and Saudi Arabia, are gaining traction from the global fintech community as well as foreign investors.

UAE HOTSPOT