UAE fintech market set to hit $5.71 billion by 2029

The United Arab Emirates (UAE) fintech market is expected to grow from $3.16 billion in 2024 to $5.71 billion by 2029, according to ‘From code to capital: The UAE’s FinTech revolution’ 2025 report, published by Emirates NBD, in collaboration with PwC.

It was previewed at the recent Dubai Fintech Summit 2025, where it was revealed that fintech startups in the UAE attracted around $265 million in 2024 – approximately one-third of total startup funding in the country.

It also highlighted the proliferation of digital adoption, venture capital investment, as well as the widespread integration of artificial intelligence (AI).

UAE boasts over 90% smartphone penetration and 88% regular use of digital payments, according the report.

Neeraj Makin, group head of strategy, analytics and venture capital at Emirates NBD said, “UAE’s $265 million of fintech funding in 2024 signals strong investor confidence. Bolstered by a robust venture capital network, diverse talent, and clear exit paths, the UAE is primed to attract even greater investment and cultivate future FinTech leaders”.

Stephen Anderson, Strategy Leader at PwC Middle East, said, “This report illuminates the dynamic fintech landscape within Dubai. We see a region transformed by innovation, driven by technology and visionary strategies,” he was quoted as saying.

The report also highlighted the impact of AI in transforming every layer of financial services from personalisation to compliance and risk modeling.

In 2024, Dubai’s venture-capital-backed FDI soared 39 per cent, attracting $222 million that flowed into startups based in Dubai – underscoring the city’s growing appeal among global venture firms.

Dubai was also recently ranked in the top five cities for fintech in the latest edition of Global Financial Centre Index (GFCI) rankings, with success being attributed to the contributions of the Dubai International Financial Centre (DIFC) over the past 20 years.