Top 10 IT companies in UAE

The FinTech Revolution: Shaping the Financial Landscape of the UAE

The UAE has rapidly accelerated to becoming the FinTech hub of the Middle East through a number of channels, including a shift to digital-first banking, blockchain implementations and regulatory allowances.

Summary:

• Digital Payments boom: Digital payment platforms such as PayBy, Apple Pay and Tabby have gained significant traction in the retail and e-commerce sectors, providing alternative opportunities for consumers and businesses versus traditional payment types.
• Sandbox Regulation: The Central Bank of the UAE and Abu Dhabi Global Market (ADGM) created regulatory sandboxes with frameworks which made it possible for start-ups to enter the market with FinTech products.
• Blockchain Applications: Emirates NBD and Mashreq Bank both recently announced the framework for a blockchain implementation of their services to combat fraud and provide for real-time cross border payments.
• Crypto-Culture: Dubai is seeing a lot of activity with new crypto exchanges and blockchain businesses emerging under its virtual assets regulatory authority (VARA).

Government-Driven Digital Transformation: Vision 2031 in Action

Digital transformation may appear to be just a corporate fad at the moment, but it is a national agenda led by transformational leadership.

Detailed Highlights:

• UAE Digital Government Strategy 2025: The UAE government is looking at making every service 100% digital & 24/7 accessible.

• UAE Pass: A national digital identity that provides the citizens and residents access to over 6,000 services across federal and local departments securely. 
• Blockchain in Governance: The UAE Blockchain Strategy 2021 intended to migrate 50% of government transactions to the blockchain. A number of projects have already been implemented, including DubaiPay, Smart Dubai, and many others.
• Smart Health Services: A.I. enabled virtual clinics and remote patient monitoring systems that rely on wearables are now commonplace in government hospitals.

The Post-Expo 2020 Tech Continuum: The Launching of District 2020

Expo 2020 wasn’t just a world fair; it was the launching pad for a smart city ecosystem evolving in District 2020, an urban innovation zone that is entirely connected.

In-Depth Highlights:

• District 2020’s Objectives: Is a global destination for innovation-based businesses focusing on IoT, AI, big data, and sustainability.
• Tech Ecosystem: Built with enormous tech infrastructure providing 5G connectivity, autonomous electric vehicle-only lanes, AI-based traffic management systems, and smart buildings.
• Tenant Profile: Siemens, DP World, and a combination of healthtech and mobility startups, have set up for easy plug-and-play infrastructure.
• Startup support: Scale2Dubai, an Expo legacy program, provides startups with free office space, visas, and funding support for a 2-year period.

Startup & Innovation Ecosystem: UAE’s Silicon Valley Is Rising

Dubai and Abu Dhabi are now seen as rival Middle Eastern alternatives to Silicon Valley, enabled by smart regulations, investment propositions, and global talent.

In-Depth Highlights: 

Startup Accelerators

• Dubai Future Accelerators, Flat6Labs, and Hub71 in Abu Dhabi have enabled early-stage tech companies to receive mentorship, seed funding, and pilot projects with the government.

100% Foreign Ownership

• Free Zones such as DIFC, DTEC, and TwoFour54 have allowed full ownership of companies for foreign investors and for strong international startup culture.

Investment Boom

• There was over $1 billion in venture funding for UAE startups in 2023, with HealthTech, EdTech, and FinTech receiving the most funding.

Access to Global Markets

• Because of its location and visa changes, UAE companies can reach clients in Europe, Asia and Africa from one location.

Women in Technology: Leading the Way for Gender Equality

The UAE is smashing the stereotype of sexually encouraging and supporting women into the technology space and has become the example for not just the region, but globally as well.

Highlights of Enumeration: 

Education Access: There are more than 60% women studying IT and engineering at universities in the UAE. This is one of the highest ratios in the world.

Women in Leadership Positions: Women are leading departments in public and private sectors and specializing in AI, cyber security and robotics. Sarah Al Amiri is leading the UAE’s AI and space efforts.

Government Support: Programs: Such as the Emirati Women in Tech Fellowship Program – provide scholarships, training, and resources and partner with firms globally to secure internships.

Community Support: Women-oriented groups such as Women in Tech UAE, Girls in Tech Dubai, and She Loves Tech have unstructured hackathons, leadership boot camp, and mentors in practice regularly.