Expo 2020: Dubai’s growth predicted to be faster than China

According to the Dubai Department of Economic Development, Dubai’s rate of economic growth in 2020 is predicted to surpass that of China. Dubai’s forecasted growth rate by 2020 is 6.6 per cent compared to China’s rate at 6.33 per cent. The Expo 2020 is expected to assist growth by increasing tourism and business activities in Dubai, adding $24 billion to the GDP and creating 227,000 jobs.

Improvement in UAE bank customer experience

Based on the 2015 Retail Banking Customer Experience Benchmark Index, UAE banks have improved in customer experience by 18 percent. The report released by Ethos Integrated Solutions evaluated a total of 65 banks in the GCC for aspects such as responsiveness and reliability. In the UAE 22 banks were evaluated and rest were in Saudi Arabia, Oman, Qatar, Bahrain and Kuwait. Other Index findings include:

  • For the second consecutive year, Abu Dhabi Islamic Bank was named the ‘Best Bank in the GCC’.
  • Abu Dhabi Islamic Bank also received the ‘Best Call Center Experience’ title.
  • Dubai Islamic Bank won in the ‘Best Online Experience’ category.

Browse through a range of home loans, personal loans, car loans and business loans in the UAE.

UAE shoppers watch out for cyber criminals

Norton Cybersecurity Insights Report has warned UAE shoppers to watch out for internet scams during the holiday season. Based on the report, last year two million residents were affected by cyber crime. Other findings include:

  • After providing their personal information to an online retailer, 20% of residents claimed that their information was stolen.
  • Over 50% of consumers claimed that their account information was compromised.
  • The Kaspersky report in May found that in the first half of 2015, UAE was among the top five targets for cyber criminals.

[Related: Banking security measures you should know about]

Sharjah rents declining

For the first time in two years, Sharjah has experienced a decline in rents according to a report released by Cluttons. In the third quarter of 2015, rents for residential properties fell by 1.6 percent year-on-year. Reasons stated for a fall in rents includes increased supply of housing, reduction in rent prices in Dubai and increasing value of money in Ajman. However, rents for new communities in Sharjah will continue to rise. Cluttons has also predicted a drop in Dubai property prices from 3 percent in the third quarter to 5 percent by next year.