AI in finance to inject $28bln into UAE’s GDP by 2035

AI in finance to inject $28bln into UAE’s GDP by 2035

Artificial Intelligence in the financial sector is expected to inject Dh103 billion into the UAE’s economy by 2035 as the Arab world’s most future-ready nation aims to boost the contribution of this game-changing technology to 14 per cent of the country’s gross domestic product – equivalent to around Dh360 billion — by the end of the decade.

According to financial experts, wealth management will rely heavily on robo-advisors in the future. This technology, which employs mathematical algorithms to provide sound financial advice, has become increasingly sought out in the UAE with over a million market users expected in the country by 2027, Bas Kooijman, CEO and asset manager of DHF Capital, said.

Assets under management in the robo-advisors market in the UAE are projected to reach approximately Dh58.46 billion in 2023 and show a compound annual growth rate (CAGR 2023-2027) of 12.06 per cent to result in a projected total amount of about Dh92.19 billion by 2027.

Currently, the UAE is at the top of the Arab world for its readiness to adopt AI technologies. AI was given a huge vote of confidence with a declaration by the UAE’s Minister of Industry and Advanced Technology, Dr. Sultan Al Jaber that it is one