ADU inks MoU with Italy-Czech Republic Chamber of Commerce
ABU DHABI, UAE - Abu Dhabi University (ADU) has signed a Memorandum of Understanding with the Italy-Czech Republic Chamber of...Business
Gender gap narrows in account ownership
This expansion created new economic opportunities, narrowing the gender gap in account ownership, and building resilience at the household level...Two-thirds of adults worldwide now make or receive a digital payment, with the share in developing economies grew from 35% in 2014 to 57% in 2021
The gender gap in account ownership has narrowed, helping women have more privacy, security, and control over their money, latest surveys highlight
Total assets of UAE national banks at $816b in Jan to May 2022
Total assets of the 22 national banks rose to US$816.8 billion (AED 3.023 trillion) in the first five months of...Total assets of the 22 national banks rose to US$816.8b (AED 3.023 trillion) in the first five months of 2022, up four percent
Assets of national banks accounted for 87.8 percent of gross banking sector's assets of US$937 billion (AED 3.442 trillion)
Technological advancements make regional banks more buoyant
Another important and influential trend being witnessed by the banking sector in the region is reduced physical networks and shifting...Banks in the GCC have proved resilient to the pandemic owing to years of investment in technological capabilities
Online shopping and money transfers are the preferred payment methods for the typical GCC retail customer
Syria more than doubles petrol prices, says commerce ministry
Syria's internal commerce ministry has announced a petrol price hike of around 130 percent in the war-torn country facing fuel...The cost of a liter of subsidized fuel will rise to US$0.99 (2,500 Syrian pounds), from US$0.43 (1,100 Syrian pounds)
The cost of non-subsidized petrol will rise from US$1.39 (3,500 Syrian pounds) to US$1.59 (4,000 Syrian pounds), the ministry said.
COVID-19 helps GCC grow its appetite for digital banking
Banks in the Gulf region were already on the path towards digitization, but the pandemic became the catalyst for accelerated...More than 80% consumers now prefer to do their banking online rather than visit a physical branch, while around a third feel their bank provides weak online banking services
As the pandemic recedes, banks may continue with enhanced customer engagement online, which will pave way for physical branches to deliver more complex and high-value activities
UAE ahead of US, UK as millionaire destination
The Ukraine conflict has triggered the biggest immigration of high-net-worth Russians, many of whom are likely to move to the...Destinations such as Australia, Singapore, Israel, Switzerland, the United States, Portugal, Greece, Canada and New Zealand are behind UAE as preferred millionaire destinations.
Henley Global Citizens Report estimates that 15,000 High Net Worth Individuals could leave Russia by the end of this year.
GCC ripe for digital banking growth
A high penetration of digital technologies and a tech-savvy younger consumer base among the factors that make the region a...Internet usage in the GCC is relatively high, with 82 percent penetration in Qatar, 78 percent in the UAE, 62 percent in Oman, 55 percent in Bahrain and 41 percent in Saudi.
The market size of the e-commerce industry in the region was expected to grow from $24 billion in 2020 to $50 billion by 2025.
Sulaiman Group’s profit soars
The hospital operator's profit jumps to $210m in H1 of 2022The company's revenue posted 16 percent jump to $1.06 billion for the six months period ended 30th June 2022
The hospital operator's board recommended distributing $80 million in dividends at SR0.86 per share during the second quarter of 2022
Pacts boost presence of Saudi-made products on market shelves
Saudi authorities have signed agreements with big retail stores in the kingdom to promote the ‘Made in Saudi Arabia’ program,...Under the agreements, signed by Saudi Exports Development Authority, large stores allocate platforms and outlets for Saudi-made goods.
Saudi products displayed in some retail stores in the local markets amount to account for 70 percent of more than 128,000 items.
Web 3.0 to further revolutionize digital banking
Forward-leaning financial institutions are ready to seize strategic opportunities to secure their stake in the future of Web 3.0. Right...Banks globally are going digital, embracing new technologies and these institutions in GCC countries are following this trend
There have been many reports about Web 3.0 and its benefits for the banking sector and its clients
