- Dubai International Chamber sees 48% YoY growth for MNCs and SMEs in Q1 2024
- The MENA region digital payments market projected to grow $9 billion by 2028
- The UAE is poised to achieve a record $30 billion in foreign direct investment in 2024
Dubai, UAE – 2nd July 2024 – Fuse Financial Technologies (Fuse), a cross-border payments business in the Middle East for global businesses, cites that the UAE is rapidly becoming a global business hub with the country recording the second-highest number of new foreign investments globally this year. The UAE is poised to achieve a record $30 billion in foreign direct investment (FDI) inflows in 2024[1], a testament to its favourable business environment and strategic initiatives aimed at attracting international enterprises.
The Dubai International Chamber (DIC) achieved a year-over-year (YoY) growth of 48% in the number of multinational companies (MNCs) and small and medium enterprises (SMEs) that it attracted to Dubai; 37 MNCs and SMEs joined DIC in Q1 2024, a 32.5% increase from 25 in Q1 2023[2]. According to George Davis, Co-Founder and CEO of Fuse, “There has been a significant rise in payment transactions from these companies to employees and freelancers based in the UAE”. These transactions are essential in maintaining smooth operations and ensuring timely compensation for local talent. However, traditional cross-border payment methods often involve high fees, slow processing times, and regulatory challenges making it difficult for businesses to manage these payments efficiently.
George 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[3]. Businesses must have reliable and efficient payment systems in place. At Fuse, we are dedicated to streamlining the payment transaction process, enabling companies to operate smoothly in the UAE market; with our advanced payment infrastructure, we support businesses in making timely and accurate payments, fostering stronger economic ties and promoting growth in the MENA region by being their local partner at a global scale.”
The digital payments market in the MENA region is projected to grow to $9 billion by 2028, a significant increase from 2021[4]. Fuse is accordingly revolutionizing how international companies access payments in the UAE, and by extension, contributing to this upward forecast. By leveraging its cutting-edge cross-border technology, Fuse simplifies the process for employers outside the UAE to pay local talent. Their single interface enables local payments, eliminating the common obstacles associated with international payments.
As the UAE continues to experience unprecedented growth in foreign investment, the need for efficient payment solutions becomes increasingly important. With its unparalleled global reach and deep-rooted local expertise, Fuse is empowering global businesses to thrive seamlessly in the UAE, driving innovation and facilitating economic growth. Fuse is helping payment companies, creator economy apps, employers of record (EORs) and platform businesses to make payments in and around the region without needing to focus on local entities, licenses, and currencies.
About Fuse
Fuse is a Dubai-based payments company that streamlines payments for global companies expanding into the Middle East and North Africa (MENA). Established in January 2023, financial backing from global investors such as The Raba Partnership, Accel* and Sequoia Capital* has enabled the startup to unlock MENA for global companies by providing a single interface without requiring local teams, entities or licenses. Global payment companies have long struggled to enter and adapt to the region, whilst local payment companies were always location-specific and struggled with global connectivity. So Fuse decided to change that.
*Scout Funds
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[1] https://www.khaleejtimes.com/business/uae-to-hit-30-billion-in-fdi-inflows-this-year
[2] https://mediaoffice.ae/en/news/2024/may/16-05/dubai-international-chamber
[3] https://www.msn.com/en-ae/money/news/demand-for-digital-payments-surging-in-uae/ar-BB1mqTcq
[4] https://www.msn.com/en-ae/money/news/demand-for-digital-payments-surging-in-uae/ar-BB1mqTcq