The GCC, and the UAE in particular, has seen a flurry of tech-related activity in the past few years. While the Amazon acquisition of Souq.com, and the Uber–acquisition of Careem have hogged the headlines, a large number of big names in technology have been creating bases in Dubai. The hottest tech startups, from Silion Valley to Bengaluru, are looking at the UAE as a springboard to launch their growing services in the MENA region.
Fintech
Financial Technology, or Fintech, is a subset of this influx of technology-related interest – driven largely by the inactiveness of the incumbent players in the financial space. Fintech companies have specific requirements for an ecosystem where they can thrive – robust regulation, access to a sophisticated user base, great digital infrastructure and a hotbed of talent.
The UAE offers these, and more – access to a diverse user base comprising individuals and companies from over 180 countries.
It’s no wonder then, that startups in Asia look at the Middle East as the jurisdiction of choice when it comes to their immediate expansion plans.