The UAE’s consumer spending exceeds before the pandemic

The UAE’s consumer spending exceeds before the pandemic
The UAE’s consumer spending exceeds before the pandemic

T + T – normal size

Network International confirmed that consumer spending in the UAE has fully recovered, exceeding its levels before the Corona pandemic. The company announced a 30% year-on-year growth in revenues for the fourth quarter of 2021, as a result of the improved level of spending in the UAE.

The company said, that 2021 revenues exceed market expectations, with the possibility of core earnings (before calculating interest, taxes, depreciation and amortization) exceeding expectations as well, noting that the quarter represents the strongest quarter of the year in terms of the total volume of direct payments processing at the local and international levels, as it reached higher than its pre-pandemic levels, driven by seasonal activities, major sporting events and Expo 2020 . Annual growth in the total volume of international direct payments processing more than doubled in the fourth quarter of 2021, with international tourism traffic rebounding over the past three months.

A record number of new commercial contracts were registered in the fourth quarter, which included several hotels such as DoubleTree by Hilton Yas Beach Residence and Courtyard by Marriott – Al Jaddaf area. The company confirmed that it is proceeding with entering the Saudi market according to the desired path with the signing of a new client and the registration of a good set of commitments from potential clients. The newly acquired DPO Group in Africa continued its strong growth, with the total volume of direct payments processing for the fourth quarter of 2021 growing 40% year-over-year and revenue increasing 29%.

Follow the economic statement via Google News
Follow the economic statement via Google News

Print
Email

Twitter
LinkedIn
Pin Interest
Whats App

These were the details of the news The UAE’s consumer spending exceeds before the pandemic for this day. We hope that we have succeeded by giving you the full details and information. To follow all our news, you can subscribe to the alerts system or to one of our different systems to provide you with all that is new.

It is also worth noting that the original news has been published and is available at saudi24news and the editorial team at AlKhaleej Today has confirmed it and it has been modified, and it may have been completely transferred or quoted from it and you can read and follow this news from its main source.

PREV Saudi Arabia closes May sukuk issuance at $860m 
NEXT Saudi Arabia, China discuss collaboration in urban development during Beijing meeting

Author Information

I have been an independent financial adviser for over 11 years in the city and in recent years turned my experience in finance and passion for journalism into a full time role. I perform analysis of Companies and publicize valuable information for shareholder community. Address: 2077 Sharon Lane Mishawaka, IN 46544, USA Phone: (+1) 574-255-1083 Email: [email protected]