UAE – Mubasher: The UAE is set to become a global business hub after recording the second-highest number of new foreign investments globally in 2023, according to Fuse Financial Technologies, a cross-border payments business in the Middle East for global businesses.

The Gulf country is expected to achieve $30 billion in foreign direct investment (FDI) inflows in 2024 due to its strategic initiatives aimed at attracting international enterprises.

The Dubai International Chamber (DIC) achieved a 48% year-over-year (YoY) leap in the number of multinational companies (MNCs) and SMEs that it attracted to Dubai.

George Davis, Co-Founder and CEO of Fuse, said: “There has been a significant rise in payment transactions from these companies to employees and freelancers based in the UAE”.

Davis added: "As Dubai gains ground to becoming a fintech hub and emerging as a top destination for foreign investment, we have seen a significant surge in demand for digital payment solutions in the UAE, with the total transaction value within the digital payments market anticipated to reach $29.75 billion globally.”

It is worth highlighting that the digital payments market in the MENA region is projected to grow to $9 billion by 2028, a significant increase from 2021.