Most UAE residents wish to be their own boss

Results from the Entrepreneurship in the Mena 2015 survey carried out by and YouGov, show that 66 percent of UAE residents want to be entrepreneurs instead of working for someone else. Other results of the survey revealed:

  • 84% of survey respondents knew at least one entrepreneur.
  • 16 % of survey respondents have previously tried to start their own business but without success.
  • Only a few survey respondents (9%) have never considered starting their own business.
  • 71% of survey respondents cited lack of finances as the main difficulty in setting up a business in the UAE. Other reasons included market competition, rules and regulations and Wasta (personal connections).

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Cyber-criminals target UAE bank accounts

In a recent report by Cybersecurity company Kaspersky Lab, compared to the rest of the world, UAE bank accounts ranked ninth as one of the most targeted by cyber-criminals. The resulted were based on 5.68 million recorded online theft attempts between July and September. Austria ranked first on the list of targeted countries for cyber-criminals to steal money followed by Singapore and Turkey.

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GCC bank customers want a better online banking experience

According to a survey, GCC Digital Banking Report 2015 by Ernst & Young (EY), 90 percent of respondents want more friendly e-payment methods from banks in the UAE. The survey results were based on responses from customers in UAE, Saudi Arabia, Qatar and Kuwait. A whopping 81 percent of customers in the UAE also would change their current bank for another one offering better digital experience. Other results of the survey included:

  • Among UAE customers, 61% are willing to shift to digital-only banks.
  • Within the GCC, 78% of customers are willing to switch from their current bank if another bank offers better digital experience.
  • If banks increased their current convenience, 71% of GCC customers are willing to increase their use of payment services.

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Online visa application in the near future for Dubai residents

According to the Dubai Naturalization and Residency Department (DNRD), Dubai residents will soon be able to submit online visa applications on the DNRD website. The service is meant to reduce the number of customers visiting the office. However, customers still have the choice of opting for paper application.

Budget surplus for UAE by 2017

Based on a report by Moody Investors Service, UAE is expected to experience budget surpluses by 2017. Currently the nation is experiencing budget deficits due to low oil prices but is expected to recover by 2017. By 2019, it is projected that oil prices will rise to $73 per barrel. Other factors expected to boost the economy in 2016 includes tourism, financial services, construction and trade.