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In our latest focus on the United Arab Emirates (UAE), we explore the latest economic developments in its capital through a fintech lens.
The Emirate of Abu Dhabi has a population of around 3 million, half of which live in the capital of the same name.
A total of seven Such UAE (or states) are located in the UAE, with Dubai, Sharjah and Ras Al Khaimah being nearby examples.
The UAE has the sixth largest crude oil reserves in the world (2020), with Abu Dhabi having the largest share of the other six countries EmiratesAbout 92.2 billion barrels of oil (2019).
Its vast oil reserves have transformed Abu Dhabi’s economy from a small fishing village to a prosperous emirate’s capital with $3 billion in assets Emirates Palace (the most expensive hotel ever built in the world) and Sheikh Zayed Grand Mosqueone of the largest mosques in the world.
neighboring gulf states A similar boom has been experienced behind oil reserves.
Abu Dhabi is also a regional hub, headquartered in Arab Monetary Fund.
like everyone else Gulf Cooperation Council (GCC) Countries – Saudi Arabia, Qatar, Oman, Kuwait and Bahrain – the UAE is implementing a long-term economic development strategy aimed at diversifying its economy away from oil.
Its attention is increasingly turning to knowledge-intensive industries such as tech and fintech.
In the case of Abu Dhabi, like the wider UAE, the emirate Abu Dhabi 2030caters to emirates and cities.
Financial services and fintech are becoming increase priority for Abu Dhabi.In recent years, millions of people have entered the entrepreneurial ecosystem through sovereign wealth funds (SWFs) such as Abu Dhabi Investment Authority (ADIA), one of the world’s largest sovereign wealth funds with approximately $700 billion in assets assets.
This is obvious Abu Dhabi Global Market (ADGM), Maria Island, Abu Dhabi. ADGM, the city’s international financial centre and free zone, has been a major catalyst for Abu Dhabi to advance its fintech agenda, which helps boost the economy across the board.
When discussing the enormous growth of the city’s financial sector, Emmanuel GiwanakisCEO Financial Services Regulatory Authority (FSRA), explaining Abu Dhabi’s increased focus on key high-growth industries.
These include “information and communication technology, renewable energy, agritech, high-tech manufacturing and defence,” comments Givanakis.
This focus is accompanied by various initiatives to promote innovation in sustainable economic development.
“ADGM has become a credible example of Abu Dhabi’s success story and a major facilitator of international investment and business growth in Abu Dhabi and beyond,” he continued, citing the financial center’s contribution to the industry.
To cement its position as the international financial centre of choice, Givanakis explained how ADGM’s business ecosystem is built on three pillars.
These include a business-friendly registry facility that ensures licensing flexibility for a variety of businesses, a state-of-the-art jurisdiction based on English common law, and a trusted and innovative regulator that maintains the integrity and credibility of the financial centre.
“As part of its work to support the digital transformation of the financial industry, FSRA has introduced a number of enabling regulations and guidance to better support and manage the use of technology to deliver financial services and build a more inclusive financial sector,” added Givanakis road.
The FSRA is in close contact with the industry to ensure its regulatory framework and approach are fit for purpose.
“The FSRA has just implemented a regulatory framework for spot commodity and environmental instrument activity, making it the first international financial centre in the MENA region to do so,” commented Givanakis.
“Another area priority in the framework includes specifically designed products and listing rules relevant to mining and oil companies.
“Leveraging on its innovative approach to regulating virtual assets, the FSRA recently published a discussion paper on Decentralized Finance (DeFi) to actively engage industry stakeholders in the development of the regulatory framework and bring to light the potential opportunities that DeFi presents .”
Givanakis explains how ADGM makes the most of regulatory technologies that not only oversee but support the compliance capabilities of the financial services industry.
This, he said, is the basis for a strong and transparent centre for sustainable finance.
“More importantly,” reiterated Givanakis, “it strengthens IFC’s institutional governance and oversight effectiveness, consolidating and expanding Abu Dhabi’s presence in the global financial industry.”
What are the key highlights of Abu Dhabi fintech in 2022?
First, the UAE hosts various events, discussions and forums related to finance, fintech and digital more broadly.
One of the plans will put Abu Dhabi in focus in the region Abu Dhabi Financial Week It will be hosted by ADGM this November.
According to ADGM’s website, the event builds on the success of its flagship program Fintech Abu Dhabiwhich has been hosted since 2017.
Secondly, also located on Al Maryah Island, there are Hub 71which is also Abu Dhabi’s main catalyst in nurturing and growing its technology ecosystem, and was only launched in 2019.
In August this year, Hub71 was selected its latest queue Tech startups from a wide range of applications around the world, including fintech and other industries.
Participants will see them participate in a two-year program at Hub71 called Rewards Programwhereby they will benefit from a value of up to $136,124.80 (500,000 Automated External Defibrillator).
Third, all kinds of announcements, launches and innovations have come out of the capital.
E.g, VIO Banka regulated digital banking platform Central Bank of the United Arab Emirates (CBUAE) officially launched in September with a focus on providing customers with “state-of-the-art digital banking applications” and embedding financial services into digital businesses.
jointly owned abu dhabi development co. (ADQ), Alfa Dhabi Holdings, Etisalatone of the major telecommunications companies in the UAE, First Abu Dhabi Bank (FAB), one of the largest banks in the Middle East and Africa (MEA) areaWio is built around three main capabilities: digital banking applications, embedded finance and banking as a service (BaaS) solutions.
According to them, this is the first platform bank in the region that complies with the UAE’s Digital Economy Strategywhich aims to double the digital economy’s contribution to the country’s gross domestic product (GDP) in the future ten years.
It aims to strengthen the UAE’s position as a digital economic hub in the region, and worldwide.
Furthermore, the number of ecosystems catering to fintechs – from fintechs themselves to other direct and indirect enablers – has been growing.
Abu Dhabi based and/or Abu Dhabi based fintech companies including companies such as trading platforms Medium chain and wealth technology companies Let’s go; Just to name a few.
The capital is also home to various accelerators such as Plug and Playand develop and nurture its wider tech and fintech ecosystem, such as VCs and mentors.
No doubt, as Abu Dhabi further implements its broader economic development agenda, I expect more to come; fintech will play a role in that.
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