banks eye more growth as uae’s
Last Updated : GMT 02:09:47
Arab Today, arab today
Arab Today, arab today

Banks eye more growth as UAE’s

Arab Today, arab today

Arab Today, arab today Banks eye more growth as UAE’s

Abu Dhabi - Arabstoday

Thursday night — the beginning of the weekend — and thousands have flocked to Dubai’s the Mall of the Emirates, one of the largest shopping centres in the world, to shop, eat, watch a movie or a have a few runs down the indoor ski slope. It’s a similar story at The Dubai Mall. It attracted 54 million visitors in 2011, a 15 per cent year-on-year growth; by contrast, New York City welcomed 50.5 million visitors last year. “People are spending more than they were last year and there is more buoyancy and confidence in the market,” said Vipen Sethi, chief executive of Landmark Group, a retail conglomerate with a presence in 17 countries across the Middle East, Africa and South Asia. Heightened consumer spending is a boon for retail banks as it would create more demand for credit — whether it be personal or car loans or credit card spending. The buoyancy being created by the levels of consumer spending means banks can still expect to see moderate growth this year from their retail operations. “While I can’t say specific numbers, the bottom line has been extremely positive in the first few months of the year,” said Arup Mukhopadhyay, head of consumer banking at Abu Dhabi Commercial Bank. Shopping has always been at the heart of life for Dubai’s expatriate community, given the heady cocktail of tax-free salaries, the presence of a large number of outlets to spend that cash and the fact it’s too hot to do anything outside for at least three months of the year. The number of shoppers has also been swelled in the last 18 months by tourists flocking to the emirate, a perceived safe-haven in a region rocked by the events of the Arab Spring. Therefore, it is no surprise that the retail sector in the UAE is booming. “From the aggregate average of feedback from clients in the sector, I would say most retailers are growing at a rate of at least 15 per cent,” Nick Levitt, head of commercial banking UAE at HSBC, said. This is reflected in boosted credit card spending, with the average amount spent per transaction up 15-20 per cent year-on-year in the first quarter, according to Farhad Irani, head of retail banking at Mashreq — the figure is as much as 25-30 per cent higher for foreign cardholders, he added. And this isn’t from a low base either. “The spends here are much higher than the averages worldwide, with the average about Dh500 ($140) per ticket. In Asia, the average ticket is $22-23,” Irani said. From khaleejtimes  

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

banks eye more growth as uae’s banks eye more growth as uae’s

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

banks eye more growth as uae’s banks eye more growth as uae’s

 



Arab Today, arab today
Arab Today, arab today Jordanian woman reveals her project

GMT 00:46 2017 Saturday ,11 November

Jordanian woman reveals her project
Arab Today, arab today Visit Jamaica for more than just sun

GMT 09:45 2017 Tuesday ,21 November

Visit Jamaica for more than just sun
Arab Today, arab today Keep kids busy at Thanksgiving gatherings

GMT 11:14 2017 Friday ,10 November

Keep kids busy at Thanksgiving gatherings
Arab Today, arab today UN warns of conflict in Gaza

GMT 08:39 2017 Tuesday ,21 November

UN warns of conflict in Gaza
Arab Today, arab today Missouri problem mirrors woes

GMT 06:46 2017 Tuesday ,21 November

Missouri problem mirrors woes
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Australian academic's book pulled

GMT 15:20 2017 Monday ,13 November

Australian academic's book pulled
Arab Today, arab today May under Brexit pressure at EU reform summit

GMT 02:14 2017 Saturday ,18 November

May under Brexit pressure at EU reform summit
Arab Today, arab today Delhi half-marathon to go ahead

GMT 03:51 2017 Saturday ,18 November

Delhi half-marathon to go ahead
Arab Today, arab today The history of solar eclipses

GMT 05:16 2017 Sunday ,20 August

The history of solar eclipses
Arab Today, arab today VW says will invest over 34bn euros

GMT 07:19 2017 Tuesday ,21 November

VW says will invest over 34bn euros
Arab Today, arab today Driverless, electric future just round

GMT 02:45 2017 Monday ,20 November

Driverless, electric future just round
Arab Today, arab today Fedra happy for “Between Two Worlds” success

GMT 09:23 2017 Saturday ,18 November

Fedra happy for “Between Two Worlds” success
Arab Today, arab today paObama climate envoy slams Trump's rejection

GMT 16:04 2017 Friday ,17 November

paObama climate envoy slams Trump's rejection

GMT 12:15 2017 Friday ,17 November

Mona Abdel Ghany increased artistic activities

GMT 11:15 2017 Thursday ,16 November

Angola oil boss sacked by father's protege

GMT 18:41 2017 Friday ,20 October

Designer Aql Faqih aspires to innovation

GMT 11:38 2017 Wednesday ,15 November

Unloved vultures fight for their survival

GMT 11:49 2017 Thursday ,17 August

Egyptian artist presents new collection of designs

GMT 00:54 2017 Monday ,20 November

Mideast in danger as London explores

GMT 03:12 2017 Saturday ,18 November

Prince's vision spurs new Cornwall village

GMT 17:12 2017 Monday ,07 August

Al-Shawaifi reveals secrets of total solar eclipse

GMT 16:53 2017 Tuesday ,05 September

Youssra depended on colored foam
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday