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In its 51 years of existence, the UAE has become a regional superpower.
This Friday (December 2), as united arab emirates (UAE) celebrates National Day, as the country’s leaders and businesses have been emphasizing efforts to develop a knowledge-based economy.
While each of the seven emirates has its own agenda in its plans for the coming decades, the themes of economic diversification and fostering innovation are the connecting threads.
In his first National Day speech as President of the UAE on Thursday (December 1), Sheikh Mohamed bin Zayed Al Nahyan of Abu Dhabi outlined an approach based on research and A national vision for the future based on investment in innovation.
“The UAE will continue to focus on science and technology and capitalize on opportunities in these fields for the benefit of present and future generations,” he said, adding that education will take center stage in these efforts as the country works to make its revenue streams Diversify and build a successful knowledge-based economy.
Sustainability is another pillar of the UAE’s future strategy. Goal from Ajman to be No. 1″fifteen minute city” of smart homes under construction in the region by 2030 Sustainable cities in Sharjahafter 51 years of fossil fuel-driven development, the UAE is counting on cleaner, greener initiatives to fuel its next phase of growth.
MENA businesses set up shop in the UAE
In the run-up to the festival, UAE businesses have been showcasing the best of the country’s culture and vision. Malls, amusement parks and restaurants remained open on one of the busiest days of the retail calendar even as most employees were on holiday.
Banking and payment service providers in the UAE are among the most important in the region, driving buoyant consumer activity each year.
from the new bank Wio’s Digital Finance Proposition for businesses and individuals Jingle Pay for expats The money app caters to the country’s unbanked population, and residents of the UAE have access to a range of fintech products this National Day.
read more: Jingle Pay launches Mastercard for unbanked UAE residents
In modern times, the business centers of Dubai and Abu Dhabi have become the two most important centers of economic activity, not only in the Middle East, but in the entire world.
With increased activity in the DIFC (Dubai International Financial Center) and Abu Dhabi Global Market (ADGM), and unsurprisingly, many fintech startups in the region have been attracted to the UAE, with some of the most important players in the ecosystem now calling it home.
company like business cardwhich relocated from Beirut to Abu Dhabi in 2018, now plays a key role in facilitating business across the MENA region.
The banking-as-a-service (BaaS) company provides the infrastructure to support payments across the region, helping banks and fintech companies issue cards and launch new financial products for their business and consumer customers.
as CEO of the company Omar Onsi explain In the PYMNTS interview“[NymCard] Rather than serving the world, we focus on solving problems in the Middle East and North Africa region. You will never see us in Europe, America or parts of Asia.You’ll see we have a strong focus on the MENA region to make sure we’re hyper-local in solving unique problems [the region]”
With its local expertise and emphasis on building connections across the payments ecosystem, NymCard is increasingly becoming a key Partners of international companies such as Western Union when they want to expand their presence in the region.
Another MENA-focused business moved to the UAE to position itself as a regional financial hub. Tarabut Gateway. The Bahrain-based open banking company opened a new headquarters in Dubai in 2020 and now has offices in DIFC and ADGM.
As the company’s founder and CEO, Abdullah Almoed, Speaking of moving“Our aim is to advance banking technology and financial services in the UAE for the next 50 years. …By working hand in hand with government authorities, banks and fintech entrepreneurs, open banking can propel the country towards its 2071 UAE Centenary The goal is to become a more diversified and knowledge-based economy.”
More than half a century since the UAE was first united, the likes of NymCard and Tarabut Gateway are just the types of businesses that the UAE leadership hopes will define its economy for the next 50 years.
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