Banks in the UAE and Saudi Arabia are rapidly implementing artificial intelligence (AI) technologies, positioning the region for significant economic expansion. Finastra’s Financial Services State of the Nation 2024 survey indicates that 71% of UAE financial institutions have deployed or enhanced AI capabilities in the past year, supported by substantial public and private sector investments.
In Saudi Arabia, 55% of financial institutions have adopted or improved AI technologies during the same period, reflecting a strong commitment to operational modernisation and strategic partnerships.
The adoption of AI is projected to significantly impact the Middle East’s economy. PwC estimates that AI could contribute $320 billion to the region’s GDP by 2030, with Saudi Arabia and the UAE expected to see contributions of $135.2 billion and $96 billion, respectively.
According to Mckinsey & Company, AI technologies globally have the potential to deliver up to $1 trillion in additional value annually to the banking sector,
Finastra’s survey also reveals that 86% of decision-makers in the UAE and 88% in Saudi Arabia expressed interest in generative AI technologies, with a focus on automating manual tasks and enhancing IT operations.
The rapid integration of AI in Middle Eastern banking is expected to enhance operational efficiency, improve customer experiences, and drive substantial economic growth in the coming years.
