The UAE or the United Arab Emirates is a very fertile place right now for business and banking. The wealth of the economies here makes it an affluent place of ideas and ventures, which mean that consumers are actively looking for products and services, and those providing them face a race with their rivals in providing the most competitive offers on loans and credit cards.
This all means that the position of the consumer banking industry in the UAE couldn’t be any more industrious at the moment. Within the Gulf Cooperation Council (GCC), the UAE is one of the most competitive banking markets, with the Abu Dhabi Islamic Bank’s ‘GCC Bank Competitiveness Report’ stating the UAE population of about 8 million has over 50 banking institutions, according to Gulfnews.com.
The choice for consumers is overwhelming in terms of loans and credit card products, as of this many banks in the United Arab Emirates, the report states that 23 of these are national finance institutions and 28 global banking companies. Then there are over 840 branches and in excess of 4000 ATMs, so the competition in consumer banking services and products is highly competitive with the consumer able to call the shots and find their ideal offer.
One of the contributing factors to be considered when looking at products is that charges for credit rating are not capped inside Emirates, but this level of competition and range of service providers provides a wide choice for customers and may be a large element of what is contributing towards keeping rates at a competitive level.
The banking industry’s infrastructure is very modern with a wide range of ATMS, bank facilities, transaction of card and private loan instalments while major players like Citibank offer mobile and internet banking facilities too. They have an extremely efficient and convenient service which provides approvals in just one day, extensive online services and a range of consumer and commercial banking services.
According to the ADIBreport costs of credit cards and personal loans in the UAE are the lowest in the region. Therefore top players in international and regional banking like Citibank are able to offer among the best rates in the region on items such as credit card deals, which is why it is the best place for consumers to be if they are looking for these types of services!