The Middle East’s financial trading activity saw major growth in 2024, as more people and companies gained access to digital trading platforms across the region.
Building on strong performance in 2023, when exchange platforms like MultiBank Group reported a turnover of $6.8 trillion, trading volumes continued to climb throughout 2024. Middle Eastern countries worked to diversify their economies beyond oil, with financial technology becoming an increasingly important focus.
Middle East trading growth
The global market for online trading platforms, valued at about $9.57 billion in 2023, grew at a steady pace of 7.3 per cent during 2024. The UAE stood out as a popular location for trading operations due to its fast internet connections and strong digital infrastructure.
Stock markets performed well across the region in 2024. Saudi Arabia’s main stock exchange, which reached a value of $3 trillion in 2023, saw high trading activity throughout last year. The Abu Dhabi stock market also showed strong results, giving traders more opportunities to buy and sell regional securities.
Banking conditions supported this growth. Following increases in money supply in both the UAE and Saudi Arabia during 2023, financial conditions remained favourable for trading activities throughout 2024.
Regulators made important progress last year. Financial authorities in Dubai and Abu Dhabi continued to update rules for digital assets and cross-border trading. These changes made it easier to trade across different Gulf countries while maintaining safeguards that protect investors.
The Middle East offered several advantages for trading companies in 2024. Its location between Europe, Asia, and Africa made it convenient for trading across different time zones. Business-friendly regulations and tax benefits attracted more international trading firms to the region.
Advances in trading technology
Financial technology advanced rapidly across the region in 2024. Saudi Arabia, which had already seen a 140 per cent increase in fintech companies by 2023, continued this trend as these businesses expanded their services. The UAE strengthened its position as a technology hub by creating special zones that encourage innovation.
New technologies changed how trading platforms operated in 2024. Trading systems used more advanced computer programs to improve trading strategies and risk management. Blockchain technology became more common for securing transactions. These improvements matched MultiBank Group’s focus on modern trading platforms that offer stable, real-time trading.
For companies offering trading in multiple types of assets, 2024 brought more opportunities as new companies listed on regional stock exchanges. This gave investors more options for trading different securities.
Tax benefits continued to make the region attractive, with many special economic zones offering low or zero taxes, making the Middle East more competitive compared to traditional financial centres in the West.
Throughout 2024, Middle Eastern countries worked on better connecting their financial systems. Tests of digital currencies backed by central banks in the UAE and Saudi Arabia moved forward, suggesting new developments in payment systems may emerge in 2025.
With its presence across 25+ offices in global financial centres and a comprehensive offering of over 20,000 tradable instruments, MultiBank Group exemplifies the kind of established platform benefiting from the region’s growing sophistication and integration into global markets.
These developments helped the Middle East strengthen its position as an increasingly important part of the global trading system in 2024.
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