Abu dhabi: Fatima Al Hammadi, Director of the FinTech, Insurance, Digital and Alternative Assets (FIDA) cluster in Abu Dhabi, stated that the new cluster provides an advanced platform for developing the financial sector's infrastructure and aims to enhance Abu Dhabi's standing as a leading global financial hub.

According to Emirates News Agency, Al Hammadi explained that the cluster facilitates connections between regulators, financial institutions, fintech companies, academic research partners, and global investors. The goal is to create a cohesive network that supports the growth and modernization of the financial sector.

She highlighted that by 2045, the FIDA cluster seeks to significantly impact the emirate's economy by adding AED 56 billion to GDP, attracting AED 17 billion in investments, and generating 8,000 jobs across the financial, insurance, and tech sectors.

Furthermore, Al Hammadi noted that Abu Dhabi boasts a robust financial base, with over US$1.7 trillion in assets managed by sovereign wealth funds, establishing it as a major financial center globally.

The operations within the cluster are conducted through an integrated ecosystem, which includes collaboration among regulators, technology institutions, and global companies. This approach is intended to collectively advance the financial sector and establish a modern financial infrastructure in Abu Dhabi.