The UAE's financial sector is witnessing a significant surge in the adoption of artificial intelligence, with over 70% of firms in the Dubai International Financial Centre (DIFC) now leveraging AI, according to the Dubai Financial Services Authority (DFSA). This marks a substantial increase from the previous 30% adoption rate.
The Dubai Financial Services Authority has noted that 64% of DIFC firms are utilizing generative AI. Mark Steward, chief executive of the DFSA, highlighted the growing importance of AI in the financial sector, pointing to further work on frontier and agentic AI, cyber resilience, and financial asset tokenisation.
Emirates NBD's AI Investments
Emirates NBD has allocated approximately 50% of its technology budget to AI over the past year and plans to maintain this level of investment next year, as stated by Neeraj Makin, the bank's group head of strategy, analytics, and venture capital. The bank is currently developing over 50 AI applications, including tools for fraud prevention and customer service.
In a trial involving 4,000 debt collection accounts, AI delivered a 15% productivity improvement compared to employees, according to the announcement. This demonstrates the potential of AI to enhance operational efficiency in the financial sector.
Industry Insights
Mohammed Al Hakim, vice chairman of MultiBank Group and CEO of MB.io, noted that AI has improved trading and interbank financial operations. The group, which relocated its operations from the United States to the UAE in 2021, recorded trading volumes of around $500B in a single month.
- More than 70% of DIFC firms are using AI
- 64% of DIFC firms are using generative AI
- Emirates NBD has allocated 50% of its tech budget to AI
