Dubai:Artificial intelligence (AI) adoption is rapidly increasing within the UAE's financial sector, with over 70% of firms in the Dubai International Financial Centre (DIFC) utilizing AI technologies. Emirates NBD has committed approximately 50% of its technology budget to AI initiatives, reflecting the sector's growing focus on advanced technologies.
According to Emirates News Agency, Mark Steward, Chief Executive of the Dubai Financial Services Authority (DFSA), stated at the Dubai FinTech Summit 2026 that AI adoption in the DIFC has soared from 30% to 70%. He noted that 64% of these firms are employing generative AI, and he anticipates sustained growth in the sector. Steward also highlighted a DFSA report on frontier AI, agentic AI, and cyber resilience, along with a survey on financial asset tokenization in investment funds.
Neeraj Makin, Group Head of Strategy, Analytics, and Venture Capital at Emirates NBD, confirmed that the bank has allocated about half of its technology budget to AI over the past year and plans to continue this strategy. The bank is working on over 50 AI use cases, such as fraud prevention and customer service, with trials showing a 15% productivity increase in debt collection using AI.
Mohammed Al Hakim, Vice Chairman of MultiBank Group and CEO of MB.io, remarked on the UAE's emergence as a global hub for financial innovation. He reported that the group, having moved its operations from the United States to the UAE in 2021, achieved trading volumes of around US$500 billion in one month. Al Hakim emphasized that AI integration has enhanced trading and interbank operations, and the group remains committed to developing technology solutions for international clients.
These advancements underscore the increasing role of AI in boosting efficiency, enhancing cyber resilience, and attracting sustainable global investment to the region.