$177 billion... the volume of Islamic finance in the UAE

The total assets of Sharia-compliant banks operating in the United Arab Emirates grew to 650 billion dirhams ($177 billion) by the end of the first quarter of 2023, an annual increase of 7.31% compared to 605.7 billion dirhams in the same period last year, according to Central Bank figures. to the United Arab Emirates.

An increase in the credit of Islamic banks

The data of the main banks also showed an increase in the credit of Islamic banks to 400.2 billion dirhams at the end of March 2023, with an annual growth of 2.51 percent, compared to about 390.4 billion dirhams in the same period last year.

It recorded an increase of 0.91 percent from 396.6 billion dirhams in the previous month.

Deposits of Islamic banks

Deposits of Islamic banks increased to 453.4 billion dirhams in March 2023, an annual increase of 6.2 percent, from about 427 billion dirhams in March 2022.

Meanwhile, the total assets of conventional banks in the UAE amounted to 3.11 trillion dirhams, up 14.1 percent from 2.73 trillion dirhams in March 2022.

These banks represented 82.7 percent of the total assets of the UAE banking sector at the end of March 2023, or 3.76 trillion dirhams, while Islamic lenders owned the remaining 17.3 percent.

 The Dubai International Financial Center for AI 3.0 attracted nearly 500 startups.

Artificial intelligence and web technologies

It will attract more than 500 startups. By 2028, the Dubai International Financial Center will build a campus to harness artificial intelligence and Web 3.0 technologies.

The AI and Web 3.0 campus in Dubai will be the largest gathering of AI and technology companies in the MENA region.

According to DIFC Governor Essa Kazim, the new initiative will attract $300 million in collective funds, more than 500 global AI and Web 3.0 startups, and create more than 3,000 jobs by 2028.

The dedicated campus spanning more than 100,000 square feet will be built at the DIFC headquarters for entrepreneurs, entrepreneurs and engineers with a deep passion for emerging technologies.

Arif Amiri, CEO of the DIFC Authority, said: “The AI and Web 3.0 Campus in Dubai will act as a catalyst for growth by attracting global innovators, start-ups, venture capitalists and industry leaders as we build the largest ecosystem in the MENA region for the two intelligence sectors. Synthetic and Web 3.0"