Market Size of UAE Fintech Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Market Size (2024) | USD 3.16 Billion |
| Market Size (2029) | USD 5.71 Billion |
| CAGR (2024 - 2029) | 12.56 % |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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UAE Fintech Market Analysis
The UAE Fintech Market size in terms of assets under management value is expected to grow from USD 3.16 billion in 2024 to USD 5.71 billion by 2029, at a CAGR of 12.56% during the forecast period (2024-2029).
As the financial technology sector continues to increase worldwide, the United Arab Emirates has emerged as a hub for fintech innovations. The United Arab Emirates has an extensive ecosystem for fintech app development due to its robust infrastructure and knowledgeable technology community. The growth of the UAE's e-commerce industry is expected to continue as more and more United Arab Emirates consumers are looking for online payment solutions, and merchants recognize the value of an online presence.
In the United Arab Emirates, the Fintech sector is experiencing rapid growth for various reasons. TGrowth in online shopping and digital payments has increased the need for secure and convenient payment solutions, prompting Fintech firms to provide innovative solutions such as mobile wallets and touchless payments. In addition to payment services, lending services, insurance, and investment, fintech startups in the United Arab Emirates and Saudi Arabia are providing digital solutions such as Dubai's Huspy home-buying platform and Khazna's payment apps /wallets for the underbanked Egyptian, as well as merchant payment solutions like Telr (United Arab Emirates), Geidea (Saudi Arabia) and HyperPay.
Government initiatives such as Fintech clusters and funding programs are also helping to promote cooperation and entrepreneurship in the industry. For instance, Pine Labs, one of the world's leading merchant commerce omnichannel platforms, entered the UAE market. The company announced that it would partner with UAE banks and other financial institutions to help them better serve merchant partners.
