Fintech sector contributes 8.7 per cent to UAE GDP: Minister of Economy

Abu Dhabi [UAE], February 26 (ANI/WAM): Abdullah bin Touq Al Marri, Minister of Economy, said that the financial technology (Fintech) sector continues to power growth, contributing 8.7 per cent to the UAE's Gross Domestic Product (GDP).
"Fintech is one of the key sectors supporting sustainable growth and other economic sectors, with a goal of increasing its contribution to approximately 12% per cent of GDP by 2031," he told the Emirates News Agency (WAM) on the sidelines of the Investopia 2025, which kicked off today in Abu Dhabi.
"The UAE continues to create opportunities and establish a favourable investment environment for the growth of new economy sectors, particularly the space economy. The country aims to increase the number of companies operating in this strategic sector and empower them in alignment with the UAE's global position in this vital field."
He also noted that the agricultural innovation sector is among the promising sectors in the UAE, as it is driven by a clear food security strategy. "This strategy contributes to achieving food diversification by attracting more investments and localising technology, ultimately enhancing the UAE's status as a global hub for food exports.
In the meantime, the Minister said that the number of new business licences issued in the UAE in 2024 reached 200,000, covering various economic activities, noting that there are currently more than 1.1 million businesses and economic establishments operating in the UAE, with the ministry seeking to increase this number in the coming phase. (ANI/WAM)