About 88 per cent of consumers in the UAE have used at least one emerging payment method in the past year as the move towards a digital economy accelerates, a new survey has found. Chris Whiteoak / The National
About 88 per cent of consumers in the UAE have used at least one emerging payment method in the past year as the move towards a digital economy accelerates, a new survey has found. Chris Whiteoak / The National
About 88 per cent of consumers in the UAE have used at least one emerging payment method in the past year as the move towards a digital economy accelerates, a new survey has found. Chris Whiteoak / The National
About 88 per cent of consumers in the UAE have used at least one emerging payment method in the past year as the move towards a digital economy accelerates, a new survey has found. Chris Whiteoak / Th

UAE customers can now pay government services fees in several ways


Alkesh Sharma
  • English
  • Arabic

The UAE’s Ministry of Finance on Wednesday said customers can now pay government services fees using various payment options accepted in the Emirates.

The move comes in response to customers’ suggestions and requirements, the ministry said, as it aims to provide customers with “easier, more flexible and more efficient payment methods”.

The customers can select the appropriate payment method to pay federal government services fees using common e-payment methods, such as Samsung Pay, Apple Pay, bank transfers, as well as direct debit and credit cards.

Over the next three months, federal government entities will gradually stop using the eDirham platform as a payment method for their services fees, the ministry said.

The Covid-19 pandemic spurred the faster adoption of digital payments, particularly contactless payments, because of heightened awareness about the spread of the virus through banknotes and plastic money.

More than half of UAE consumers now use digital wallets, a June survey by payments solutions provider Checkout.com showed. About 48 per cent of respondents said that digital wallets could lead to a cashless society in a decade.

About 88 per cent of consumers in the UAE have used at least one emerging payment method in the past year as the move towards a digital economy accelerates, a new survey found.

Nearly 40 per cent of UAE residents used a tappable smartphone mobile wallet, 29 per cent used buy-now-pay-later (BNPL) services, 20 per cent used cryptocurrency and 18 per cent used a payment-enabled wearable tech device, Mastercard’s New Payments Index 2022 found.

The UAE is taking several steps to boost its digital economy and exploit the advantages provided by emerging technology.

Abu Dhabi climbed 14 places to rank 28th out of 118 cities in a global ranking of smart cities released in October.

The UAE capital also led the Middle East region for the third consecutive year in the use of technology to improve the quality of life for residents.

Last month, Dubai announced the formation of the higher committee for Future Technology and Digital Economy focused on developing the sector.

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Kabir Singh

Produced by: Cinestaan Studios, T-Series

Directed by: Sandeep Reddy Vanga

Starring: Shahid Kapoor, Kiara Advani, Suresh Oberoi, Soham Majumdar, Arjun Pahwa

Rating: 2.5/5 

Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.

Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.

Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.

Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.

“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.

Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.

From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.

Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.

BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.

Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.

Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.

“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.

Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.

“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.

“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”

The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”

The specs

AT4 Ultimate, as tested

Engine: 6.2-litre V8

Power: 420hp

Torque: 623Nm

Transmission: 10-speed automatic

Price: From Dh330,800 (Elevation: Dh236,400; AT4: Dh286,800; Denali: Dh345,800)

On sale: Now

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Investing success often hinges on discipline and perspective. As markets fluctuate, remember these guiding principles:
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Group A: Palmeiras, Porto, Al Ahly, Inter Miami.

Group B: Paris Saint-Germain, Atletico Madrid, Botafogo, Seattle.

Group C: Bayern Munich, Auckland City, Boca Juniors, Benfica.

Group D: Flamengo, ES Tunis, Chelsea, Leon.

Group E: River Plate, Urawa, Monterrey, Inter Milan.

Group F: Fluminense, Borussia Dortmund, Ulsan, Mamelodi Sundowns.

Group G: Manchester City, Wydad, Al Ain, Juventus.

Group H: Real Madrid, Al Hilal, Pachuca, Salzburg.

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Updated: August 17, 2022, 3:52 PM