e& 2023 net profit is US$2.8bn
e& said the net profit is a growth of 3 percent year-over-year.Company News Business
Dubai to host the world’s biggest ‘airport industry show’ in May
Dubai, UAE-- In the month of May scores of airport developers, officials, and suppliers from around the world will troop...Business
Over 7mn international visitors in Dubai in H1 2022
Dubai attracted 7.12 million international overnight visitors between January and June 2022, recording over 183 growth compared to the 2.52...The number of tourists recorded in H1 2022 was close to the numbers achieved in the first six months of 2019
Western Europe accounted for a significant share of tourist arrivals, comprising 22 percent of total international visitors in H1 2022
Qatar’s central bank’s foreign currency reserves hit $58bn in July
Qatar Central Bank’s (QCB) foreign currency reserves and liquidity increased 2.79 percent to reach QR 211.32 billion ($58bn) in July...The rise in reserves driven by an increase in the central balances of bonds and foreign treasury bills.
The reserves consist of four categories: foreign securities, balances with foreign banks, gold, and Special Drawing Rights (SDR).
Jordan’s online payment system records transactions worth $13.4bn
Online bill payments through National Electronic Payment System in Jordan surged 27 percent in 2021 to JD 9.5 billion ($13.4bn)....Mobile phone payments increased 107 percent in volume with 25 million transactions.
Payment and electronic money transfer firms issued around 148,000 credit and prepaid cards.
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.
