The Master Card report reveals that inflation rates in most markets in the eastern Arab region have returned to normal levels.
Expect a report issued by “Master Card Actual consumer spending in the UAE increased by 5% annually during the current year, recording one of the highest growth rates in the world.
The report on the Eastern Arab Unit at MasterCard was prepared. Titled “Towards a Connected Future: Innovation Fuels Change ”In partnership with “The Business Year” group, it examines the impact of digital transformation in the financial services sector and other sectors in the countries of the eastern Arab region, which includes the UAE, Qatar, Kuwait, Oman, and Pakistan.
The report evaluates MasterCard’s achievements in supporting digital transformation, enabling innovation in the field of payments, and enhancing financial inclusion, and reveals a change in consumer expectations and increased demand for flexible payment solutions, pointing to increased awareness and interest in installment plans as an important tool for organizing the budget.
The report also emphasizes the importance of partnerships between the public and private sectors in supporting the growth and development of the sector. Among MasterCard’s most notable achievements in terms of partnerships with government institutions is the establishment of a digital partnership for the city of Dubai with the Department of Economy and Tourism in Dubai, and the opening of a global center for artificial intelligence and advanced technology in Dubai, in cooperation with the UAE Prime Minister’s Office.
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Jihad Khalil, Regional President for the Eastern Arab Region at MasterCard, said: “This special report heralds a bright future, following the establishment of the Eastern Arab Unit at MasterCard, and highlights the remarkable growth in this vibrant region.”
He added: “Given the great disparity in gross domestic product, population, and geographical area of countries in the region, some may overlook the common features between these countries. One of the most prominent common factors linking these countries is the desire to embrace technology-led digital transformation. Every country in the region is looking forward to building a digital future, as the continued growth in the financial technology sector contributes to supporting the growth and prosperity of the small and medium enterprise sector, while governments have a progressive vision that aspires to build a brighter and more connected tomorrow.”
The report provides a detailed analysis of the region’s evolving payments landscape, and delves into key themes shaping its future, from geopolitical and economic trends to changing consumer behaviour.
It also provides an overview of economic expectations for the remainder of 2024, based on analyzes of the MasterCard Institute of Economics. It reveals that inflation rates in most markets in the eastern Arab region have returned to normal levels. In addition, the report focuses on tourism as one of the most important positive aspects, especially in the Gulf Cooperation Council region, which has emerged as one of the fastest growing tourist destinations in the world.
