Dubai FinTech Summit 2024: A Grand Opening at Madinat Jumeirah
The Dubai FinTech Summit kicked off on Monday at Madinat Jumeirah, featuring a lineup of key industry leaders and innovators.
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TheĀ Dubai FinTech Summit kicked off today at Madinat Jumeirah under the patronage of H.H. Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, Deputy Ruler of Dubai, Deputy Prime Minister, and Minister of Finance. Organized by the Dubai International Financial Centre (DIFC), this significant event is attracting more than 8,000 decision-makers, over 300 thought leaders, and 200 exhibitors to delve into the latest innovations and challenges within the FinTech sector.
During the opening ceremony, DIFC Governor Essa Kazim highlighted the dynamic growth of the financial hub, noting that over 1,000 fintech and innovation firms are registered with DIFC. These companies have collectively raised a remarkable $3.3 billion in venture capital funding globally.
The rapid increase in company registrations, up 31% from the previous year, underscores Dubai’s commitment to becoming a global powerhouse for business and innovation. This aligns with the goals of the Dubai Economic Agenda D33, which aims to double the size of the city’s economy over the next decade and elevate its status as one of the world’s top three cities for business and investment.
The DIFC’s remarkable growth is evidenced by a net profit of $203 million in 2023, up 45% year-over-year, and a 23% increase in combined revenue to $352 million.
The global FinTech market is poised for substantial growth, with projections estimating its value to reach $608 billion by 2029, according to Mordor Intelligence. The MENA region, in particular, is witnessing a surge in FinTech start-ups and venture capital, boasting over 800 start-ups valued at approximately $15.5 billion. And the Dubai FinTech Summit serves as a pivotal platform for start-ups, investors, and industry leaders to forge connections and capitalize on the expanding FinTech market in the region and globally.
Chris Dixon, a partner who led the charge, says he has a āvery long-term horizonā
Americans now think they need at least $1.25 million for retirement, a 20% increase from a year ago, according to a survey by Northwestern Mutual
Saudi Arabia ranked first among countries for the non-oil exports of national origin with BD201 million (22%)
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Bahrain’s non-oil exports of national origin decreased by 6% to BD894 million ($2.37 billion) in Q2 2024 compared to the same period in 2023. The top 10 countries accounted for 64% of the total export value.
According to the Information & eGovernment Authority (iGA) in its Q2 2024 Foreign Trade report, Saudi Arabia was the leading destination for these exports, totaling BD201 million (22%). The US followed with BD75 million (8.4%), and the UAE with BD73 million (8.2%).
Unwrought aluminum alloys were the top exported product in Q2 2024, amounting to BD267 million (30%), followed by agglomerated iron ores and concentrates alloyed at BD159 million (18%) and non-alloyed aluminum wire at BD49 million (5%).
Non-oil re-exports
Non-oil re-exports increased by 4% to reach BD206 million during Q2 2024, compared to BD198 million for same quarter in 2023. The top 10 countries accounted for 86% of the re-exported value. The UAE ranked first with BD58 million (28%) followed by Saudi Arabia with BD39 million (19%) and UK with BD17 million (8%).
As per the report, turbo-jets worth BD65 million (32%) were the top product re-exported from Bahrain, followed by private cars with BD11 million (5%) and four-wheel drive with BD9 million (4%).
The value of non-oil imports has decreased by 4% reaching to BD1.41 billion in Q2 2024 in comparison with BD1.47 billion for same quarter in 2023. The top 10 countries for imports recorded 68% of the total value of imports.
China Bahrain’s biggest importer
China ranked first for imports to Bahrain, with a total of BD191 million (14%), followed by Brazil with BD157 million (11%) and Australia with BD112 million (8%).
Non-agglomerated iron ores and concentrates were the top product imported to Bahrain worth BD200 million (14%), followed by other aluminum oxide with BD101 million (7%) and parts for aircraft engines with BD41 million (3%).
As for the trade balance, which represents the difference between exports and imports, the deficit logged was BD310 million in Q2 2024 compared to BD322 million in Q2 2023.
Chris Dixon, a partner who led the charge, says he has a āvery long-term horizonā
Americans now think they need at least $1.25 million for retirement, a 20% increase from a year ago, according to a survey by Northwestern Mutual
