Over­all card spend­ing in UAE up by 14pc dur­ing Ramadan

The Pak Banker - - BUSINESS -

Over­all con­sumer spend­ing in the UAE posted pos­i­tive gains in June and July, with trans­ac­tions through credit and debit cards dur­ing this year's Ramadan go­ing up by 14 per cent from the same pe­riod last year, ac­cord­ing to Net­work In­ter­na­tional, which pro­cesses more than half of all card pay­ments across the coun­try.

The over­all in­crease is fu­eled largely by do­mes­tic, as well as in­ter­na­tional spend­ing, each post­ing 17 per cent and seven per cent growth, re­spec­tively. It is also led by a surge in spend­ing on restau­rants, fash­ion, su­per­mar­kets and ser­vices.

David Moun­tain, chief com­mer­cial of­fi­cer, Net­work In­ter­na­tional, said that the co­in­cid­ing of the Is­lamic cal­en­dar with the tra­di­tion­ally qui­eter sum­mer months has given rise to in­ter­est­ing vari­a­tions in spends. "Do­mes­tic spend of lo­cals and ex­pa­tri­ates based in the UAE be­comes par- tic­u­larly im­por­tant dur­ing these months."

Net­work In­ter­na­tional's find­ings were based on card spends in June 18 to July 16 and bench­marked against con­sumer ex­pen­di­tures in Ramadan 2014 (June 29-July 27). Cash trans­ac­tions were not in­cluded in the study.

Based on card pay­ments, visi­tors from North Amer­ica topped the for­eign card spend­ing charts, ac­count­ing for seven per cent of the to­tal trans­ac­tions, while ex­pen­di­tures by those from the Gulf Co­op­er­a­tion Coun­cil ( GCC) re­gion ac­counted for three per cent of the over­all pay­ments and the Nige­ri­ans, three per cent.

The rest of the visi­tors ac­counted for 15 per cent of the to­tal spend, but they reg­is­tered a de­cline in trans­ac­tions, es­pe­cially the Rus­sians, down 30 per cent, the Chi­nese (down 22 per cent) and the Ger­mans (down 8 per cent). "This seems to re­flect the re­cent eco­nomic tur­moil in all three coun­tries," Net­work In­ter­na­tional said.

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