The established financial services firm, American Express, have announced plans to make themselves more accessible throughout the Middle East. By increasing their number of retail partners in the area, Amex will make it significantly easier for people to take advantage of their services.
This means more shops and services will soon be accepting Amex cards as a form of payment across the region. Not only will a higher percentage of retailers be displaying the American Express sign, Amex will be supporting businesses in more events and one-off activities throughout the course of the year.
A Growing Market
Confidence is currently high regarding the prospects of economic growth for 2018 and into the near-future. This is a pattern which is being reported both globally and across the Middle East. With this upward trend set to continue, consumer spending is expected to keep developing over the next few years at an accelerated rate. This is something already evident in many parts of the Middle East and Northern Africa with shopping malls and retail precincts springing up in many cities. The United Arab Emirates particularly has witnessed a rapid urban expansion in recent years and findings from recent surveys also point to this becoming more widespread in the coming years.
Crediting The Nations
Not only is there more modern shops appearing across the landscape, people’s habits are changing too. There has been a large increase in the number of people who now use credit cards throughout the Middle East.
As part of their report, Amex revealed that they’ve experienced double-digit growth across the region for much of the last five years.
With everyday options such as their blue card in addition to a range of business-orientated credit cards, American Express have many deals on offer for a range of different needs.
They are far from being the only financial service in the area though and they are also far from being the most prominent in this area of the world.
With the likes of Mastercard, Citi bank, and Capital One as well as numerous local-based companies and the emergence of services such as Apple pay, customers have plenty of choice in finding credit.
Tightening The Controls
There has also been a range of improvements made to the regulations regarding credit card companies in the UAE recently. The Central Bank of the UAE has placed a cap on the fees which can be applied by lenders and financial companies to prevent people from paying too much interest. There are also several new rules which bring greater clarity to the market, again benefiting customers who use these services.
With higher standards and fairer practices, the lending market has never been safer for the general public. And with more outlets accepting credit cards and an increased ease in the way they work, the future looks very strong indeed.
But it won’t just be the financial markets which reap the benefits, all shops and retail services stand to gain from this, including the people who both work in and use them alike.
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