FinTech to Boost UAE's GDP to $916 by 2030: UnaFinancial

Saudi Arabia is anticipated to follow with $561.5.

By Inc.Arabia Staff
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Financial technology (fintech) is poised to become a significant contributor to the well-being of citizens in the GCC region by 2030, with analysts from UnaFinancial projecting substantial gains, as per an emailed research note to Inc. Arabia.

According to their assessment, the UAE will lead the pack, with fintech expected to contribute $915.6 per capita to the country's GDP by 2030, marking a 44% increase from 2022.

Using data from Tracxn on funds raised by fintech companies, UnaFinancial analysts calculated the impact of fintech investments on GDP per capita across the GCC region. 

Saudi Arabia is anticipated to follow with $561.5 (a +650% increase), while Bahrain is forecasted to reach $262.3, reflecting a threefold increase over the eight-year period from 2022 to 2030.

In 2022, the UAE already stood out as a leader, with fintech contributing $636.4 (1.01%) to gross domestic product (GDP) per capita. Following the UAE were Bahrain with $89 (0.24%) and Saudi Arabia with $75 (0.18%). Overall, fintech's impact on the well-being of citizens in the entire GCC region was estimated at $161 per capita.

UnaFinancial's analysts attribute the UAE's dominance in fintech investment to its advanced economic development compared to other GCC countries. With a GDP per capita for the population aged 15+ standing at $63,359, nearly four times higher than the GCC average (excluding the UAE), the country represents 62% of total fintech investment in the region.

Saudi Arabia and Bahrain stand out for their high average annual growth rates of fintech influence, at 182.4%, surpassing the regional average by 1.5 times. 

Meanwhile, Kuwait, Oman, and Qatar are undergoing a transition phase, experiencing an average annual growth rate of fintech influence on citizen well-being of 166.3%, albeit with higher investment risks due to lower economic stability.

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