According to Amac News: The report states that the UAE is setting a new standard for banking innovation in the Middle East, commanding the largest share of the region's banking assets valued at $3.2 trillion.
Yacin Mahieddine, Partner in the Global Financial Services practice at Arthur D. Little, said, "The UAE’s approach to banking is not just competitive; its aim is to set a global standard. With the central bank's digital currency initiative and significant advancements in blockchain integration, the UAE is redefining what it means to be a modern financial hub."
With a Compound Annual Growth Rate (CAGR) of 8.7% over the past two years, the UAE's digital banking sector has grown faster than any of its neighbors, and it is projected to continue growing at a CAGR of 4.8% from 2024 to 2029. The sector is on track to reach $175.7 billion by 2029.
UAE banks are establishing a new standard for customer experience and operational efficiency by leveraging advanced technologies such as artificial intelligence, blockchain, and cloud computing.
According to the ADL report, the Central Bank of the UAE is leading the Middle East with its transformative digital currency program, laying the foundation for a modern and financially inclusive economy.
Eighty percent of UAE banks have prioritized digital transformation for 2024, positioning the country at the center of the technology-driven banking evolution in the Middle East.