Overview

As economies across the world are witnessing economic turmoil due to rising inflation and other uncertainties, the GCC region is poised to render steady economic growth both in the short-term as well long-term. Factors like economic diversification, digital transformation leading to technological innovation, and robust policies and strategies are leading to social development and are to be attributed for the economic prosperity of this region.  

When Western countries see the burden of an aging population, the GCC region will boast significant growth in the young population. It is expected that around 50% of the total population of the GCC region will be under the age of 25 by 2035. Gen Z and Gen Alpha will emerge as the next consumer powerhouse, accounting for nearly 40% of the total population of the GCC region in 2035.

This newer set of generations will demand more digital inclusion and it is expected that the internet penetration will be more than 95% in the next few years, which would be higher than the global average of 60%, the Gulf countries are way ahead of many global markets. The social commerce and social media usage of this region is expected to gain huge momentum because of increased digital inclusion making this region lucrative for both local as well as global social commerce platforms.

The GCC region has been making significant strides in technological innovation, positioning itself as a hub for advanced technologies and digital transformation. From new-age digital care to smart learning the region will see huge digital transformation across industries. 

• How are initiatives like Bahrain Fintech Bay and Dubai's Fintech Hive fostering innovation in digital banking, payments, and insurance in the GCC?
• How will the region’s technological advancements enhance its resilience to inflationary pressures?
• What regulatory challenges exist in fostering artificial intelligence and financial technology's growth? What best practices can your team adopt to close this growth gap?