A total of $30.4 billion of goods and services were purchased online in seven countries, a 22 per cent jump from $24.9bn garnered in online sales during 2015. Adam Berry / Getty Images
A total of $30.4 billion of goods and services were purchased online in seven countries, a 22 per cent jump from $24.9bn garnered in online sales during 2015. Adam Berry / Getty Images
A total of $30.4 billion of goods and services were purchased online in seven countries, a 22 per cent jump from $24.9bn garnered in online sales during 2015. Adam Berry / Getty Images
A total of $30.4 billion of goods and services were purchased online in seven countries, a 22 per cent jump from $24.9bn garnered in online sales during 2015. Adam Berry / Getty Images

Payfort says online payments in the Middle East grew 22 per cent last year


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Online transactions in the Middle East  rose  by 22 per cent  in 2016, on the back of a surge in payments for events and entertainment, according to a region-wide survey conducted by the Amazon-owned company, Payfort.

The findings  of the survey by the payments solutions company showed that Saudi Arabia, the biggest Arab economy, led the growth  with a 27 per cent increase in online payments; Egypt, the most populous Arab nation, recorded  a rise of 22 per cent, while the UAE saw a 21 per cent jump . Overall, events and entertainment was the fastest growing segment, registering  a 33 per cent growth in transactions.

"Our 2017 edition of the State of Payments report marks the most dramatic change to the report since we launched the project in 2014," said Omar Soudodi, managing director of Payfort.

The report, each year, aims to shed light on real issues for the region's online business merchants, however, this year "we [have] put the control in the hands of our readers, providing them with interactive tools that allow them to easily adapt the date sets for their own needs and business decision making", he noted.

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During 2016, a total of $30.4 billion of goods and services were purchased online in seven countries, a 22 per cent jump from the $24.9bn garnered in online sales during 2015. The UAE, the second biggest Arabian Gulf economy, had the biggest share of the value of online transactions at $12.4bn, Saudi Arabia with $8.3bn and Egypt with $6.2bn.

Digital payments for goods and services are on the rise in the region, especially in the UAE, which boasts one of the highest penetration of smart phones in the world. Increasingly, consumers are shunning bricks and mortar retail goods and service vendors, including banks for the online alternative. That has led to flourishing of online retail services, especially in the wake of Amazon's purchase of the online retailer Souq.com, earlier this year, for $650 million.

The biggest concern of online consumers remained security, with more than 50 per cent of cash-on-delivery customers polled saying that they would switch to online payments if they deemed it secure enough, according to the survey. The highest levels of cash-on-delivery payments were registered in Egypt, accounting for about 70 per cent of all transactions, followed by Lebanon where it was 60 per cent.

"Despite the enormous growth in the region's online payments and usage of e-commerce, security fears remain prevalent among consumers," said Nardeen Abdalla, marketing director of Payfort.

"Although we now see a greater willingness to make online transactions, consumers are increasingly aware of the risks of fraud and other cyber crimes. They are also increasingly demanding, seeking faster and easier checkouts. "

The survey also showed that there was a greater interest in mobile payments, with 50 per cent of respondents in six out of seven countries expressing an interest in mobile payment apps.

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4) Gianluigi Buffon, Parma to Juventus (£33m)

5) Angelo Peruzzi, Inter Milan to Lazio (£15.7m

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Started: 2016

Founder(s): Dr Baher Al Hakim, Dr Nadine Nehme and Makram Saleh

Based: Vienna, Austria; started in Dubai

Sector: Health Tech

Staff: 119

Funding: €7.7 million (Dh31m)

 

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Opening fixtures:
Friday, Oct 5

8pm: Kabul Zwanan v Paktia Panthers

Saturday, Oct 6
4pm: Nangarhar Leopards v Kandahar Knights
8pm: Kabul Zwanan v Balkh Legends

Tickets
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TV info
The tournament will be broadcast live in the UAE on OSN Sports.

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Selected fixtures

All times UAE

Wednesday
Poland v Portugal 10.45pm
Russia v Sweden 10.45pm

Friday
Belgium v Switzerland 10.45pm
Croatia v England 10.45pm

Saturday
Netherlands v Germany 10.45pm
Rep of Ireland v Denmark 10.45pm

Sunday
Poland v Italy 10.45pm

Monday
Spain v England 10.45pm

Tuesday
France v Germany 10.45pm
Rep of Ireland v Wales 10.45pm

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The fourth season of du Football Champions was launched at Gitex on Wednesday alongside the Middle East’s first sports-tech scouting platform.“du Talents”, which enables aspiring footballers to upload their profiles and highlights reels and communicate directly with coaches, is designed to extend the reach of the programme, which has already attracted more than 21,500 players in its first three years.

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December 29 - semi-finals
Rafael Nadal v Stan Wawrinka / Pablo Carreno Busta, 5pm
Novak Djokovic v Milos Raonic / Dominic Thiem, no earlier then 7pm

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3rd/4th place play-off, 5pm
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Rohan Mustafa (C), Ashfaq Ahmed, Chirag Suri, Rameez Shahzad, Fahad Nawaz, Amjed Gul, Shaiman Anwar, Ahmed Raza, Imran Haider, Muhammad Naveed, Amir Hayat, Ghulam Shabir (WK), Qadeer Ahmed, Tahir Latif, Zahoor Khan

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What: Fifa Club World Cup play-off
Who: Al Ain v Team Wellington
Where: Hazza bin Zayed Stadium, Al Ain
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How to invest in gold

Investors can tap into the gold price by purchasing physical jewellery, coins and even gold bars, but these need to be stored safely and possibly insured.

A cheaper and more straightforward way to benefit from gold price growth is to buy an exchange-traded fund (ETF).

Most advisers suggest sticking to “physical” ETFs. These hold actual gold bullion, bars and coins in a vault on investors’ behalf. Others do not hold gold but use derivatives to track the price instead, adding an extra layer of risk. The two biggest physical gold ETFs are SPDR Gold Trust and iShares Gold Trust.

Another way to invest in gold’s success is to buy gold mining stocks, but Mr Gravier says this brings added risks and can be more volatile. “They have a serious downside potential should the price consolidate.”

Mr Kyprianou says gold and gold miners are two different asset classes. “One is a commodity and the other is a company stock, which means they behave differently.”

Mining companies are a business, susceptible to other market forces, such as worker availability, health and safety, strikes, debt levels, and so on. “These have nothing to do with gold at all. It means that some companies will survive, others won’t.”

By contrast, when gold is mined, it just sits in a vault. “It doesn’t even rust, which means it retains its value,” Mr Kyprianou says.

You may already have exposure to gold miners in your portfolio, say, through an international ETF or actively managed mutual fund.

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How to avoid crypto fraud
  • Use unique usernames and passwords while enabling multi-factor authentication.
  • Use an offline private key, a physical device that requires manual activation, whenever you access your wallet.
  • Avoid suspicious social media ads promoting fraudulent schemes.
  • Only invest in crypto projects that you fully understand.
  • Critically assess whether a project’s promises or returns seem too good to be true.
  • Only use reputable platforms that have a track record of strong regulatory compliance.
  • Store funds in hardware wallets as opposed to online exchanges.
TICKETS

Tickets start at Dh100 for adults, while children can enter free on the opening day. For more information, visit www.mubadalawtc.com.

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2004-2006 Borussia Dortmund
2007-2008 Feyenoord
2008-2012 Netherlands
2013-2014 Hamburg
2015-2017 Saudi Arabia
2018 Australia

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2001/02 Uefa Cup, Feyenoord
2007/08 KNVB Cup, Feyenoord
World Cup runner-up, Netherlands

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Co-founders: Sami Elayan, Saed Elayan and Zaid Azzouka

Based: Dubai

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Initial investment: Dh75,000

Investor: Dtec Startupbootcamp

Future plan: Looking to raise $400,000

Total sales: Over 1,000 deliveries in three months

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What is THAAD?

It is considered to be the US's most superior missile defence system.

Production:

It was created in 2008.

Speed:

THAAD missiles can travel at over Mach 8, so fast that it is hypersonic.

Abilities:

THAAD is designed to take out  ballistic missiles as they are on their downward trajectory towards their target, otherwise known as the "terminal phase".

Purpose:

To protect high-value strategic sites, such as airfields or population centres.

Range:

THAAD can target projectiles inside and outside the Earth's atmosphere, at an altitude of 150 kilometres above the Earth's surface.

Creators:

Lockheed Martin was originally granted the contract to develop the system in 1992. Defence company Raytheon sub-contracts to develop other major parts of the system, such as ground-based radar.

UAE and THAAD:

In 2011, the UAE became the first country outside of the US to buy two THAAD missile defence systems. It then stationed them in 2016, becoming the first Gulf country to do so.

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The internal combustion engine is facing a watershed moment – major manufacturer Volvo is to stop producing petroleum-powered vehicles by 2021 and countries in Europe, including the UK, have vowed to ban their sale before 2040. The National takes a look at the story of one of the most successful technologies of the last 100 years and how it has impacted life in the UAE. 

Read part four: an affection for classic cars lives on

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Position: legal consultant with Al Rowaad Advocates and Legal Consultants.

UAE Premiership

Results
Dubai Exiles 24-28 Jebel Ali Dragons
Abu Dhabi Harlequins 43-27 Dubai Hurricanes

Fixture
Friday, March 29, Abu Dhabi Harlequins v Jebel Ali Dragons, The Sevens, Dubai

MATCH INFO

Champions League quarter-final, first leg

Tottenham Hotspur v Manchester City, Tuesday, 11pm (UAE)

Matches can be watched on BeIN Sports

Brief scoreline:

Tottenham 1

Son 78'

Manchester City 0

Opening Rugby Championship fixtures:Games can be watched on OSN Sports
Saturday: Australia v New Zealand, Sydney, 1pm (UAE)
Sunday: South Africa v Argentina, Port Elizabeth, 11pm (UAE)