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LOOKING AHEAD, THE UAE ECONOMIC OUTLOOK REMAINS POSITIVE SUPPORTED BY DOMESTIC ACTIVITY.
from February 2023
by meafinance
streamlining operations to conduct highvolume digital transactions.
The leading neobanks in the UAE include RAKBANK-backed YAP, ADQowned Wio, Shariah-compliant Zand Bank and Abu Dhabi-based Al Maryah Community Bank. These challenger banks are competing with several speedboats including Emirates NBD’s Liv., Mashreq Neo and DIB’s rabbit.
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The UAE is about to roll out its National Payment Systems Strategy, a state-of-the-art, real-time payments clearing and settlement rail which is an interbank, real-time clearing and settlement infrastructure to which all the commercial banks operating in the country will connect. The instant payment platform is expected to drive substantial economic benefits for corporates and consumers alike.
favourable macroeconomic conditions.
Global benchmark Brent traded mostly above the $100-mark last year and JPMorgan projected that it would average $90 per barrel in 2023. The UAE, the Arab world’s most competitive economy, approved the federal budget for the fiscal years 2023-2026 last October with a total expenditure of $68.69 billion (AED 252.3 billion).
The Gulf state forecasted total revenues of $69.6 billion (AED 255.7 billion) over the period while revenue and spending for 2023 will grow by an estimated 11% and 4%, respectively. The finance ministry said that the cabinet approved the budget for the fiscal year 2023, with a total estimated expenditure of $17.2 billion (AED 63.06 billion) while total revenues are projected at $17.3 billion (AED 63.6 billion).
