The United Arab Emirates is actively enhancing its fintech sector, which currently accounts for 8.7 percent of the country’s GDP. The UAE aims to increase this contribution to 12 percent by 2031, highlighting the fintech sector’s critical role in promoting sustainable economic growth and innovation across various industries.

Abdulla bin Touq Al Marri, the UAE’s Minister of Economy, emphasized the government’s dedication to developing new economic sectors, particularly the space economy. This initiative is part of the UAE’s broader strategy to strengthen its position as a global leader in space exploration and technology, expanding the number of companies operating in this vital field.

The minister also discussed the UAE’s proactive economic policies designed to tackle global economic challenges. He noted that the country has implemented diversification strategies to enhance economic resilience and maintain low inflation rates, which contribute to stable living costs in comparison to other economies.

In a significant development, the minister revealed that 200 thousand new business licenses were issued last year, bringing the total number of registered companies in the UAE to over 1 100 000. The Ministry of Economy is committed to further increasing this number, reinforcing the UAE’s status as a global investment and business hub.