The fintech industry in the UAE is experiencing a surge in growth, with the market size estimated almost 40 billion US Dollar (terms of transaction value), growing at a CAGR of 15% until the 2028 forecast period. This is due to the government’s initiatives to support the sector, such as the establishment of the Dubai International Financial Centre and Abu Dhabi Global Market. Additionally, the COVID-19 pandemic has accelerated the adoption of digital financial services.
Despite this growth, there is a talent gap in the industry, as companies struggle to find qualified professionals to fill roles. In a recent survey by Gartner, 75% of UAE fintech companies reported difficulty in hiring skilled workers. This is due to the limited local talent pool and strict visa policies for overseas workers.
However, the UAE government has taken steps to address this issue. The Dubai Future Foundation has launched a program to attract international fintech talent, granting successful applicants a five-year visa. In addition, the UAE has introduced a freelancer visa to attract independent professionals in the tech sector. These initiatives have made the UAE a more attractive destination for fintech professionals.
The COVID-19 pandemic has also shifted the focus of the fintech industry in the UAE. As remote work becomes more prevalent, companies are investing in digital platforms to improve their services. According to a report by Deloitte, the pandemic has accelerated the digitization of financial services, leading to the growth of digital payments and online banking.
Looking ahead to 2024, the UAE’s fintech industry is expected to continue its growth trajectory. The government has announced plans to develop a fintech strategy to support innovation and investment in the sector. This will include initiatives to support startups, such as funding programs and regulatory sandboxes.
In conclusion, the UAE’s fintech industry is experiencing rapid growth, but the talent gap remains a challenge. The government’s initiatives to attract international talent and support innovation are expected to drive further growth in the sector in the coming years.