If you had the power to reshape the future of finance… where would you do it? Before you answer, let’s take a moment to look back.
Because there was a time, not so long ago, when London was the obvious choice to this question. The City. Canary Wharf. The heart of fintech innovation. For decades, if you were building something new in finance – a product, a platform, a whole new way of thinking – London was the place to be. Home to huge names in fintech like Revolut, Wise, SumUp, Monzo.
However today, London may not necessarily be the answer fintech founders give to the above question. Because more and more of fintech’s brightest minds aren’t looking West anymore, they’re headed East. To the desert, to a city that dares. Over the last decade, the Middle East has quietly, yet steadily seen a surge in fintech firms opening their operations there growing by over 128 per cent since 2011, with Dubai housing more than 60 per cent of them.
So what is it that’s causing the shift? What is it about Dubai that’s so attractive to the budding fintech founders ready to launch? As a founder who has recently expanded to Dubai, and is planning on relocating their full-time, these were the factors that really solidified that decision for me.
The numbers behind the surge
The UAE fintech market, which valued at $3.16billion last year, is now expected to grow to $5.71billion by 2029 at a CAGR of 11.24 per cent. This is enough of an increase to, not only arouse attention from entrepreneurs, but investors too.
We’re already seeing this happen. Within the three year timeframe between 2020 and 2023, fintech funding across the Middle East increased by a staggering 650 per cent. While other global markets were cautiously waiting to see what effect the global pandemic would have on the world economy, worried about regulatory challenges and overall instability, Dubai was doing the opposite. It doubled down and pumped more capital into this innovative industry.
A year later, in 2024, 32 per cent of all venture capital in the UAE went straight into fintech-related businesses. To put that into perspective that’s nearly a third of all startup investment being allocated to fintech. As I’m sure we’re all extremely aware, capital is cautious and many investors are known to be overly-sceptical. So this speaks volumes for the level of support the fintech industry is receiving in Dubai.
Why Dubai is attracting top fintech talent
As mentioned earlier, I have recently made the decision to relocate and expand my operations to Dubai. I spent the past few years travelling back and forth, getting more acquainted with the region. But, because of the many benefits that it provides for my company it seemed like the natural next step. While visiting Dubai I’ve also had the opportunity to speak to a number of fintech founders who have made that same choice. Who have packed up from places like London, Singapore, even San Francisco, and are now building in Dubai full-time.
These were the factors that came up again and again in those conversations, and, honestly, they’re the same ones that made the decision clear for me too.
The strategic location
Location is an extremely important consideration for any business owner, particularly in fintech though, where having access to international markets, investor networks, and talent pools can be massively beneficial.
Dubai sits at a global crossroads. East and West meet here. From this one city, business owners are able to have access to the Middle East, Africa, and South Asia, all regions filled with young populations, rising digital adoption, and wide open spaces for fintech to take root.
That’s billions of people. Many of them underserved by traditional banks, many more hungry for better, faster, more inclusive financial tools.
Personally, this proximity has made a noticeable difference. I no longer deal with frustrating time zone gaps or red-eye flights. Everything just feels much more aligned. There’s a natural rhythm to doing business here that makes global expansion feel less like a stretch and more like the next logical step.
The Government is all in
If you’ve been following the regulatory developments that are coming out of the UAE over the past few years, then you’ll be aware that the region has been extremely supportive towards financial innovation and emerging financial technologies.
They’re putting their money where their mouth is. Dubai’s government has rolled out major initiatives like the Dubai Economic Agenda (D33), which promises to double the size of the city’s economy by 2033 by strengthening trade, attracting investment, and scaling up digital transformation. Another key initiative is the UAE Centennial 2071, a bold 50-year plan that covers everything from education and technology to sustainability.
On top of that, they’ve created things like regulatory sandboxes and innovation hubs to make it easier for startups to succeed. These initiatives are real, tangible programs that help fintech companies grow, meaning fewer roadblocks to deal with and more opportunities to experiment and scale quickly.
The United Arab Emirates is sending a very clear message, and that message is: we’re building for the long term, and we want the world’s most ambitious of you to build with us.
Business is easy here
Anyone who’s started a business knows how complicated and frustrating the process can be. But here in Dubai the system is designed to help you succeed.
Tax incentives, for instance, make it an attractive place for businesses to set up shop. No taxes on personal income, no corporate tax in most sectors, and, yes, you can have 100 per cent foreign ownership of your company. In other words, you don’t have to partner with local firms.
The red tape is minimal, the setup is quick, and there’s no waiting around for approval. You can also expect streamlined visa processes, making it easier for international talent to move to Dubai and get to work. Intellectual property laws here are strong, so your ideas and innovations are protected. In a place where innovation is key, that security gives you peace of mind and the freedom to move forward.
Final thoughts
The shift from London to Dubai is all about a vision. A vision where innovation, opportunity, and support are not just buzzwords but part of a larger, carefully constructed ecosystem. So, if you’re a fintech founder looking for the place you can start and grow your business, you may want to consider Dubai.
