The UAE continues to lead digital transformation and financial inclusion in the region, by supporting the transformative power of artificial intelligence that has become evident across a wide range of economic sectors, most notably the financial and banking sector, which contributes to enhancing its growth and economic prosperity, and consolidating its position in the global financial sector.
Official data indicate that the UAE has become one of the active and pioneering countries in innovating solutions based on technology and artificial intelligence, and developing an incubating, stimulating and supportive environment for efforts to accelerate digital transformation, through which it works to increase the percentage of the digital economy’s contribution to the gross domestic product to 20% by the year 2031.
The heads and directors of international companies specialized in the financial sector told the Emirates News Agency (WAM) that the UAE is one of the leading countries in the field of applying technology and artificial intelligence in the financial sector and its financial markets, in addition to its tireless and continuous efforts to enhance confidence in the financial system and provide a safe investment environment. Conducive through the integration of national initiatives and projects, and the establishment of strong governance frameworks to ensure the safe and effective use of artificial intelligence technologies.
They added that the UAE has succeeded in keeping pace with the great development witnessed by the global financial technology sector, noting that the established culture of innovation in the UAE has strengthened its leadership as a global center for technology and artificial intelligence, explaining that the UAE markets and financial centers have succeeded in playing a pivotal role in leading many initiatives that have contributed significantly. Significant support for the global economy.
Damian Hitchin, CEO of Saxo Bank in the Middle East and North Africa, said: “The UAE has achieved great success in harnessing technology and artificial intelligence to develop its financial markets with the aim of enhancing their efficiency, increasing transparency and ease of access for investors.”
He added, “The UAE aspires, by automating processes, to significantly reduce the risks of human error and improve market liquidity, using advanced algorithms and systems that operate with artificial intelligence,” noting that these technologies help develop advanced trading strategies that can take advantage of opportunities. Market and risk mitigation.
He pointed to the UAE’s success in applying models that rely on artificial intelligence to analyze huge data sets with the aim of identifying potential risks and developing effective strategies to confront them, thus protecting investors’ capital and maintaining market stability.
For his part, CEO of Noor Capital Group, Mohammed Ghosheh, said, “The financial sector in the UAE has succeeded in harnessing artificial intelligence technology to provide advanced and innovative services to investors,” noting that these efforts depend on a comprehensive national strategy to develop artificial intelligence to In 2031, it aims to consolidate the UAE’s position as a global leader in this field.
He added that the UAE cooperates in this field with major international companies, such as Microsoft, Google, and OpenAI, in addition to the presence of giant national companies such as G42, which contributes to strengthening the country’s leadership in developing technologies. Advanced in artificial intelligence, pointing out that UAE banks are currently using chatbots and virtual assistants to provide support around the clock with speed and accuracy, in addition to using artificial intelligence to analyze real-time data to combat fraud and manage risks, which increases customers’ confidence in digital banks.
The head of the risk department at ABM Capital, Mark Bussard, said: “The UAE has established its position as a major financial center, especially in the field of trading, and it is expected that the financial sector in the country will witness a compound annual growth rate of 5.5%, thanks to regulatory measures and accelerating… Digital transformation.
He added that modern technology, such as artificial intelligence and blockchain, has brought about a radical transformation in the financial sector in the UAE, by simplifying operations and increasing transparency, noting that “algorithms supported by artificial intelligence currently constitute 80% of global currency trading deals, which allows for rapid analysis of data.” complex to make quick and decisive decisions.
Driving global transformation and fintech innovations
Markets analyst at Forex International, Razan Hilal, said: “The UAE’s commitment to innovation in financial technology and adopting advanced regulatory systems has placed it at the forefront of the technological transformations the world is witnessing, and has strengthened its pioneering role in the future of global financial markets.” She pointed out that these technologies contribute significantly to enhancing efficiency, transparency and security in financial markets, which radically changes the way traders manage risks and execute trades, and supports them in establishing a flexible approach to dealing with new dynamics in the upcoming markets. She added that the UAE is considered an ideal location for rapid developments in artificial intelligence, blockchain technology, and financial technology innovations, which qualifies it to lead this global transformation, noting that the Emirate of Dubai plays a major role in this regard, thanks to the alignment of its “D33” economic agenda and its strategy for artificial intelligence. 2031.
• The financial sector in the UAE has succeeded in harnessing artificial intelligence technology.
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