Growth in the Gulf states' fintech sector will rebound

Significance The funding comes as Gulf Cooperation Council (GCC) countries, led by Saudi Arabia and the UAE, seek to build on a strong start in developing their domestic fintech sectors. Buttressed by favourable market conditions and strong government backing, fintech has emerged as the regional tech industry’s leading sector. Impacts Fintech will play a key role in GCC efforts to transition economies from reliance on fossil fuels to technology and services. Industry growth will rebound despite the recent worldwide slowdown in fintech fundraising and revenue growth. Industry development will continue to be held back by a shortage of domestic talent and venture capital.