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UAE: Direct Debit Will Help Simplify Payments

Middle East : 12 April

Source: Gulf News 2013

The introduction of direct debit in the UAE financial system is a necessary part of continued efforts to modernise the country’s banking infrastructure and regulatory environment in line with international best practices.

Across the world, financial transactions are increasingly done electronically, making them faster, cheaper, easier and more accurate. More traditional means of transactions, like the issuing of cheques, the basis for much of retail banking in the UAE, are rapidly being phased out. Debit orders allow for automatic, electronic payment of regular bills — from utilities to personal loans — direct from bank accounts. Consumers are saved the time and trouble associated with making physical payments. The collection of payments for companies is also easier, reducing their cost of doing business. Importantly, decreasing the use of cheques will likely also reduce the criminal cases associated with bounced cheques. This is necessary to ease unnecessary strain on the criminal justice system and encourage the development of more sophisticated bankruptcy proceedings in the UAE.

This does not in any way reduce the responsibility of consumers to pay their debts or the consequences of default. In many countries, banks are able to charge penalties when there are not sufficient funds to cover debit orders. And, refusing to pay liabilities remains a fraud and a criminal offence.

A more secure and efficient retail banking system will boost both business and consumer confidence in the UAE, which is necessary in these troubled economic times.

12 April

UAE GDP to Rise More Than 15% by 2022

Source: Gulf News 2013
The UAE GDP will rise by more than 15 per cent by 2022 to amount to Dh277.8 billion ($75.4 billion) on annual basis, according to a report by the World Travel and Tourism Council (WTTC).
The report showed that the total contribution of travel and tourism to UAE’s GDP is expected to increase [...]

05 April

UAE Remains Leading Capital Exporter in Arab Region With Oman Set to Create 3,000 More Jobs and Qatar Budget Details Record High Public Spending

UAE Leads the Way With $55.5 Billion in Capital Exports Since 1980
The UAE reported the highest levels of capital exports in the Arab region, pumping out almost $55.5 billion in the last 32 years. This amount totals almost 31 percent of the total FDI outflow for the Arab region from 1980 to 2011.
Saudi Arabia emerged [...]

05 April

Retailers Go into Gitex Shopper with Best Foot Forward

Source: Gulf News 2013
Even though Pepsi IPL 2013 cricket fever has started in India, retailers and organisers are confident that the Shopper will not be impacted at all.
“To be honest, even last year also events like these were overlapping and it has not impacted the show. Even during October there were events overlapping with the [...]

05 April

Consumer Spending in UAE to Reach AED677bn

Source: Gulf News 2013
Dubai: With the economy recovering and the cost of living moving upward, consumers in the UAE are expected to spend more out of their pockets this year and in the next few years, industry analysts told Gulf News.
According to Euromonitor International , consumers are forecast to spend Dh677 billion this year, up [...]

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