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Dubai is flourishing due to Expo 2020 Oil prices are still on the rise in 2022, which bodes well for several Gulf countries whose budgets still rely heavily on revenues from oil. Those countries’ economies took a hit when the price of oil plunged in 2020 due to the pandemic and lockdown measures. This year it seems that more optimism is warranted. The World Bank maintains its optimism The World Bank had been positive in 2021 about the economic recovery in GCC countries. Expectations were that those countries would achieve an average growth of 2.2%. Those numbers were quite promising when compared to the contraction of over 4% witnessed just a year earlier in 2020. Another good factor is that the gross output from non-oil activities is growing in the region, which means that those econom...

77% of respondents in the GCC access digital banking services at least once a week 44% are willing to switch to a different bank due to poor customer relations 31% perceive their bank’s current offering of access to online banking services as weak Consumer appetite for digital banking services continues to grow in the countries of the Gulf Cooperation Council (GCC), accelerated further by the COVID-19 pandemic, according to a new survey conducted by Backbase with YouGov. Eighty-nine percent of respondents to the survey said that they are now more likely to opt for digital banking services rather than make a physical visit to a bank branch, with consumers saying they prefer digital self-service banking solutions delivered with the same convenience as their ecommerce, entertainment, and...

Tag: GCC

2022 is likely to be a good year for the Gulf economies

89% of GCC consumers will opt for digital banking services over visiting a physical branch post Covid-19