Most popular banking products in the UAE

Souqalmal.com releases its bi-yearly report on the most viewed products on the site in the UAE between April and September 2015. The results showed:

  • Union National Bank’s house rent loan was the first among the most viewed personal loans
  • In the car loans category, Dubai Islamic Bank’s Al Islami Used Car Finance was top ranked
  • The most viewed credit card was American Express Platinum Credit Card
  • In the home loans category, ADIB’s Home Finance for Expats came in first place for the fifth time in a row
  • Analysis of the results also showed that consumers are looking for banking products which will help meet their daily living costs

Compare over 245 credit cards, 96 personal loans, 78 car loans and 72 mortgage products in the UAE.

UAE ranked #1 for ease of doing business

Based on the World Bank’s ranking, UAE got the top rank in the MENA region for ease of doing business. On a global level, UAE came in 31st, a drop from last year where it ranked 22nd. Other regional countries were well behind UAE with Qatar in the 68th position and Saudi Arabia coming in on the 82nd position.

Will UAE be cashless by 2020?

According to Trriple, a digital payments service company, by 2020 UAE will be handling less cash. Currently cash accounts for more than 75% of all transactions in the UAE with the annual consumer payments reaching $230 billion. However, due to increase in demand of payment services such as mobile wallets, the use of cash is expected to decrease.

UAE millionaires expected to increase by 2020

Based on the 2015 edition of Credit Suisse’s Wealth Report, the number of millionaires in the UAE is estimated to increase by 62 percent by 2020. The study also showed:

  • UAE is globally ranked 16th in the number of millionaires in the UAE
  • By 2020, the number of millionaires is expected to increase to 96,000 from the current 59,000
  • Within the MENA region, there are an average of  330,000 millionaires and by 2020 it is expected to increase to 500,000
  • The average wealth per adult in the UAE is $144,400, ranking second among GCC countries with Qatar topping the rankings
  • For the whole MENA region, average wealth per adult fell by 6.9 percent