Investment app users in the UAE may exceed 1 million in 2028, while the number of app downloads may reach 47 million, say analysts of UnaFinancial.

 

According to data.ai, the number of downloads of investment applications increased from 67,300 in 2021 to 532,537 in 2023, and the number of their daily active users - from 2,955 to 19,171. 

 

UnaFinancial’s analysts expect that if the current growth rates are maintained, the number of active daily users of investment applications in the UAE could exceed one million as early as in 2028. 

 

Money management

Among the top 50 most downloaded financial apps on Google Play in the UAE, 62% are dedicated to money management and investing, with 30% providing easy-to-use and intuitive budget management tools, and 32% providing investment tips and services for investing in the stock market and other assets.

 

Analysts of UnaFinancial believe that the growth of investment applications may contribute to the increase in financial literacy in the UAE. 

 

They comment: “The UAE is characterised by the highest level of financial inclusion in Mena. There is also a high degree of digitalisation - the Internet penetration equals 99%, while the digital economy makes up 10% of the GDP. Despite this, the level of financial literacy equals 39%, which is higher than the world’s indicator, but lower than in the most developed countries. Over the coming years, investment apps that help individuals make wiser investment decisions and navigate the complex financial landscape are likely to facilitate financial literacy in the UAE.”

 

UnaFinancial may also contribute to it, as the Group is currently working on a digital investment app, which is expected to be launched in the UAE. The app will enable customers to acquire and trade multiple asset classes like equities, forex, bonds, commodities and derivatives. It also aims to provide investors with in-app financial education and tools to make smart and informed investment decisions.--TradeArabia News Service