Dubai: Fintech helps DIFC grow faster than emirate’s overall economic growth

Dubai: Fintech helps DIFC grow faster than emirate’s overall economic growth

UAE - Financial technology (popularly known as Fintech) has become a major growth driver for the Dubai International Financial Centre (DIFC), helping it to grow faster than Dubai’s overall growth rate.

Essa Kazim, governor of DIFC, said the financial centre has become a major engine of growth for the emirate’s economy and a significant contributor to its GDP.

“It has been growing five folds faster than the average Dubai GDP growth over the last 10 years, contributing around six per cent to its GDP. A key growth driver over the past three years has been Fintech and innovation companies, contributing over 27 per cent of the Centre’s overall client growth,” Kazim said while delivering the welcome address at the Dubai FinTech Summit 2023 in Dubai on Monday.

He credited the strong growth of the sector to DIFC’s heavy investment in the Fintech ecosystem by creating a supportive and agile regulatory framework, providing access to funding, sand-box environments and resources for start-ups and established companies alike.

Last year, DIFC-based Fintech and innovation firms raised over $615 million (Dh2.25 billion) in funding.

According to DIFC FinTech Hive’s 2022 Report, the Fintech sector is expected to double in size from over $135.9 billion (Dh499 billion) in 2021 to