World Bank said trust in using digital payments can be boosted by introducing e-government mechanisms. Alamy
World Bank said trust in using digital payments can be boosted by introducing e-government mechanisms. Alamy
World Bank said trust in using digital payments can be boosted by introducing e-government mechanisms. Alamy
World Bank said trust in using digital payments can be boosted by introducing e-government mechanisms. Alamy

Mena economies can add up to $1.6tn over 30 years by fully digitalising: World Bank


Alkesh Sharma
  • English
  • Arabic

Economies in the Middle East and North Africa can achieve 46 per cent growth in per capita gross domestic product over the next 30 years, or a long-term gain of at least $1.6 trillion, by fully adopting digital technology, according to the World Bank.

The benefits of digital adoption, spurred by the Covid-19 pandemic, will amount to “hundreds of billions of dollars each year and a surge in new jobs“, the lender said in a report on Wednesday.

During the first year, the GDP per capita gain for the region would be almost $300 billion, with the increase “more marked“ in lower-income Mena countries.

The gains from shifting to a more digital economy are exponential and governments should do everything they can to remove barriers preventing such a transition
Ferid Belhaj,
World Bank’s vice president for Mena

“A digital transformation would provide jobs in a region where unemployment is unacceptably high, particularly among the youth and women. With concerted effort, this narrative can change,” Ferid Belhaj, World Bank’s vice president for Mena, said.

“The gains from shifting to a more digital economy are exponential and governments should do everything they can to remove barriers preventing such a transition. The sooner and faster the push, the bigger the gains.”

World Bank said action is needed to strengthen the enabling regulatory framework for e-commerce transactions. AP
World Bank said action is needed to strengthen the enabling regulatory framework for e-commerce transactions. AP

The Covid-19 pandemic, which led to lockdowns around the world, accelerated the move to digital services as consumers switched to cashless payments and online shopping. More people use online banking services now to transfer money and pay for e-commerce transactions.

Globally, digital payments are expected to grow to $8.26 trillion by 2024, from $4.4tn in 2020, according to Statista.

Banking apps too recorded a surge in downloads, with account owners expecting a seamless, digital financial experience. Digital banking app downloads soared 45 per cent globally, while traditional banks recorded a 22 per cent increase in installations between the last quarter of 2020 and the first quarter of 2021, according to AppsFlyer.

Nearly 77 per cent of those surveyed in Saudi Arabia and 61 per cent in the UAE – the Arab world’s biggest economies – said they choose to do their banking online in some form, technology company Entrust reported last week.

“The case for digitalising economies has never been stronger … the Covid-19 pandemic has made the benefits of conducting contactless transactions starkly clear,” the report said.

Digital technologies aim to reduce “informational costs” that constrain economic transactions. Informational costs are the expenses of time and money that are required to obtain certain data and information.

Adoption of digital technologies would also reduce frictional unemployment from 10 per cent to 7 per cent of the labour force over a six-year period, from 12 million to eight million unemployed, and to zero frictional unemployment within 16 years, the report said.

Frictional unemployment is the time incurred by workers searching for new jobs or voluntarily moving jobs.

“The time taken to match job seekers to openings is substantially reduced through digital technologies such as email, internet-based job search platforms or networking platforms,” the report said.

Digitalisation can also double the female labour force participation rate in the Mena region by about 20 percentage points over a 30-year period, from 40 million to 80 million, according to World Bank estimates.

Employment by manufacturing firms would increase by at least 5 per cent over 30 years, equivalent to at least 1.5 million jobs and an average of 50,000 more jobs a year, it said.

Tourist arrivals could rise by 70 per cent, creating new jobs in the hospitality sector.

The Covid-19 pandemic is encouraging businesses to deploy technologies that will boost the digital payments. Photo: Nium
The Covid-19 pandemic is encouraging businesses to deploy technologies that will boost the digital payments. Photo: Nium

The lender said, however, that the massive amount of data being generated due to digital adoption also poses risks on how it is accessed, safeguarded, processed and deployed.

“Use of digital data can be guided by an effective data governance framework that instills trust in digital information flows and mitigates the risks,” it said.

Trust in using digital payments can be boosted by implementing e-government mechanisms, it added.

E-government options – such as digital cash transfers, digitised payment mechanisms for public services and shifts to e-procurement – hold great promise for facilitating the rapid expansion in use of digital money.

While Mena countries have embraced social media use, the populations’ usage of the internet and digital tools like mobile money to pay for services is lower than expected.

For example, nearly 66 per cent in the Mena region use the internet compared to 61 per cent in Latin America and the Caribbean. But the use of digital payment in developing Mena countries (non-GCC nations) is 32 per cent compared with 43 per cent in LAC.

One likely reason for this reticence could be “cumbersome regulations” that make digital transformation difficult. The World Bank also urged for action to strengthen the enabling regulatory framework for e-commerce transactions, including e-signatures, data privacy protections and cyber security.

“Prioritising reforms needed to increase the use of digital payments is essential to accelerate the digital economy transformation,” the report said.

Living in...

This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.

Tips for job-seekers
  • Do not submit your application through the Easy Apply button on LinkedIn. Employers receive between 600 and 800 replies for each job advert on the platform. If you are the right fit for a job, connect to a relevant person in the company on LinkedIn and send them a direct message.
  • Make sure you are an exact fit for the job advertised. If you are an HR manager with five years’ experience in retail and the job requires a similar candidate with five years’ experience in consumer, you should apply. But if you have no experience in HR, do not apply for the job.

David Mackenzie, founder of recruitment agency Mackenzie Jones Middle East

Brief scores:

Pakistan (1st innings) 181: Babar 71; Olivier 6-37

South Africa (1st innings) 223: Bavuma 53; Amir 4-62

Pakistan (2nd innings) 190: Masood 65, Imam 57; Olivier 5-59

Russia's Muslim Heartlands

Dominic Rubin, Oxford

The Bio

Ram Buxani earned a salary of 125 rupees per month in 1959

Indian currency was then legal tender in the Trucial States.

He received the wages plus food, accommodation, a haircut and cinema ticket twice a month and actuals for shaving and laundry expenses

Buxani followed in his father’s footsteps when he applied for a job overseas

His father Jivat Ram worked in general merchandize store in Gibraltar and the Canary Islands in the early 1930s

Buxani grew the UAE business over several sectors from retail to financial services but is attached to the original textile business

He talks in detail about natural fibres, the texture of cloth, mirrorwork and embroidery 

Buxani lives by a simple philosophy – do good to all

Dhadak 2

Director: Shazia Iqbal

Starring: Siddhant Chaturvedi, Triptii Dimri 

Rating: 1/5

Timeline

2012-2015

The company offers payments/bribes to win key contracts in the Middle East

May 2017

The UK SFO officially opens investigation into Petrofac’s use of agents, corruption, and potential bribery to secure contracts

September 2021

Petrofac pleads guilty to seven counts of failing to prevent bribery under the UK Bribery Act

October 2021

Court fines Petrofac £77 million for bribery. Former executive receives a two-year suspended sentence 

December 2024

Petrofac enters into comprehensive restructuring to strengthen the financial position of the group

May 2025

The High Court of England and Wales approves the company’s restructuring plan

July 2025

The Court of Appeal issues a judgment challenging parts of the restructuring plan

August 2025

Petrofac issues a business update to execute the restructuring and confirms it will appeal the Court of Appeal decision

October 2025

Petrofac loses a major TenneT offshore wind contract worth €13 billion. Holding company files for administration in the UK. Petrofac delisted from the London Stock Exchange

November 2025

180 Petrofac employees laid off in the UAE

Hot%20Seat
%3Cp%3EDirector%3A%20James%20Cullen%20Bressack%3Cbr%3E%3Cbr%3EStars%3A%20Mel%20Gibson%2C%20Kevin%20Dillon%2C%20Shannen%20Doherty%2C%20Sam%20Asghari%3Cbr%3E%3Cbr%3ERating%3A%201%2F5%3C%2Fp%3E%0A
Racecard

5.25pm: Etihad Museum – Maiden (TB) Dh82,500 (Turf) 1,200m

6pm: Al Shindaga Museum – Handicap (TB) Dh87,500 (Dirt) 1,200m

6.35pm: Poet Al Oqaili – Handicap (TB) Dh95,000 (T) 1,400m

7.10pm: Majlis Ghurfat Al Sheif – Handicap (TB) Dh87,500 (D) 1,600m

7.45pm: Hatta – Handicap (TB) Dh95,000 (T) 1,400m

8.20pm: Al Fahidi – Rated Conditions (TB) Dh87,500 (D) 2,200m

8.55pm: Zabeel Trophy – Rated Conditions (TB) Dh120,000 (T) 1,600m

9.30pm: Coins Museum – Rated Conditions (TB) Dh95,000 (D) 1,600m

10.05pm: Al Quoz Creative – Handicap (TB) Dh95,000 (T) 1,000m

Aquaman%20and%20the%20Lost%20Kingdom
%3Cp%3E%3Cstrong%3EDirector%3A%3C%2Fstrong%3E%20James%20Wan%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStarring%3A%3C%2Fstrong%3E%20Jason%20Mamoa%2C%20Patrick%20Wilson%2C%20Amber%20Heard%2C%20Yahya%20Abdul-Mateen%20II%C2%A0%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%3C%2Fstrong%3E%202%2F5%3C%2Fp%3E%0A
Brief scores

Day 1

Toss England, chose to bat

England, 1st innings 357-5 (87 overs): Root 184 not out, Moeen 61 not out, Stokes 56; Philander 3-46

COMPANY PROFILE
Name: Almnssa
Started: August 2020
Founder: Areej Selmi
Based: Gaza
Sectors: Internet, e-commerce
Investments: Grants/private funding
The%20specs
%3Cp%3E%3Cstrong%3EEngine%3A%20%3C%2Fstrong%3ESingle%20front-axle%20electric%20motor%3Cbr%3E%3Cstrong%3EPower%3A%20%3C%2Fstrong%3E218hp%3Cbr%3E%3Cstrong%3ETorque%3A%20%3C%2Fstrong%3E330Nm%3Cbr%3E%3Cstrong%3ETransmission%3A%20%3C%2Fstrong%3ESingle-speed%20automatic%3Cbr%3E%3Cstrong%3EMax%20touring%20range%3A%20%3C%2Fstrong%3E402km%20(claimed)%3Cbr%3E%3Cstrong%3EPrice%3A%20%3C%2Fstrong%3EFrom%20Dh215%2C000%20(estimate)%3Cbr%3E%3Cstrong%3EOn%20sale%3A%20%3C%2Fstrong%3ESeptember%3C%2Fp%3E%0A
MATCH INFO

Inter Milan 1 (Martinez 18' pen)

Juventus 2 (Dybala 4', Higuain 80')

F1 The Movie

Starring: Brad Pitt, Damson Idris, Kerry Condon, Javier Bardem

Director: Joseph Kosinski

Rating: 4/5

Ant-Man and the Wasp

Director: Peyton Reed

Starring: Paul Rudd, Evangeline Lilly, Michael Douglas

Three stars

Electoral College Victory

Trump has so far secured 295 Electoral College votes, according to the Associated Press, exceeding the 270 needed to win. Only Nevada and Arizona remain to be called, and both swing states are leaning Republican. Trump swept all five remaining swing states, North Carolina, Georgia, Pennsylvania, Michigan and Wisconsin, sealing his path to victory and giving him a strong mandate. 

 

Popular Vote Tally

The count is ongoing, but Trump currently leads with nearly 51 per cent of the popular vote to Harris’s 47.6 per cent. Trump has over 72.2 million votes, while Harris trails with approximately 67.4 million.

The specs
Engine: 2.4-litre 4-cylinder

Transmission: CVT auto

Power: 181bhp

Torque: 244Nm

Price: Dh122,900 

SPEC%20SHEET%3A%20APPLE%20IPHONE%2014%20PRO%20MAX
%3Cp%3E%3Cstrong%3EDisplay%3A%3C%2Fstrong%3E%206.7%22%20Super%20Retina%20XDR%20OLED%2C%202796%20x%201290%2C%20460ppi%2C%20120Hz%2C%202000%20nits%20max%2C%20HDR%2C%20True%20Tone%2C%20P3%2C%20always-on%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EProcessor%3A%3C%2Fstrong%3E%20A16%20Bionic%2C%206-core%20CPU%2C%205-core%20GPU%2C%2016-core%20Neural%20Engine%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EMemory%3A%3C%2Fstrong%3E%206GB%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ECapacity%3A%3C%2Fstrong%3E%20128%2F256%2F512GB%20%2F%201TB%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EPlatform%3A%3C%2Fstrong%3E%20iOS%2016%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EMain%20camera%3A%3C%2Fstrong%3E%20Triple%2048MP%20main%20(f%2F1.78)%20%2B%2012MP%20ultra-wide%20(f%2F2.2)%20%2B%2012MP%20telephoto%20(f%2F2.8)%2C%206x%20optical%2C%2015x%20digital%2C%20Photonic%20Engine%2C%20Deep%20Fusion%2C%20Smart%20HDR%204%2C%20Portrait%20Lighting%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EMain%20camera%20video%3A%3C%2Fstrong%3E%204K%20%40%2024%2F25%2F30%2F60fps%2C%20full-HD%20%40%2025%2F30%2F60fps%2C%20HD%20%40%2030fps%2C%20slo-mo%20%40%20120%2F240fps%2C%20ProRes%20(4K)%20%40%2030fps%3B%20night%2C%20time%20lapse%2C%20cinematic%2C%20action%20modes%3B%20Dolby%20Vision%2C%204K%20HDR%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EFront%20camera%3A%3C%2Fstrong%3E%2012MP%20TrueDepth%20(f%2F1.9)%2C%20Photonic%20Engine%2C%20Deep%20Fusion%2C%20Smart%20HDR%204%2C%20Portrait%20Lighting%3B%20Animoji%2C%20Memoji%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EFront%20camera%20video%3A%3C%2Fstrong%3E%C2%A04K%20%40%2024%2F25%2F30%2F60fps%2C%20full-HD%20%40%2025%2F30%2F60fps%2C%20slo-mo%20%40%20120%2F240fps%2C%20ProRes%20(4K)%20%40%2030fps%3B%20night%2C%20time%20lapse%2C%20cinematic%2C%20action%20modes%3B%20Dolby%20Vision%2C%204K%20HDR%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EBattery%3A%3C%2Fstrong%3E%204323mAh%2C%20up%20to%2029h%20video%2C%2025h%20streaming%20video%2C%2095h%20audio%3B%20fast%20charge%20to%2050%25%20in%2030min%3B%20MagSafe%2C%20Qi%20wireless%20charging%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EConnectivity%3A%3C%2Fstrong%3E%20Wi-Fi%2C%20Bluetooth%205.3%2C%20NFC%20(Apple%20Pay)%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EBiometrics%3A%3C%2Fstrong%3E%20Face%20ID%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EI%2FO%3A%3C%2Fstrong%3E%20Lightning%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EDurability%3A%3C%2Fstrong%3E%20IP68%2C%20dust%2Fsplash%2Fwater%20resistant%20up%20to%206m%20up%20to%2030min%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ECards%3A%3C%2Fstrong%3E%20Dual%20eSIM%20%2F%20eSIM%20%2B%20eSIM%20(US%20models%20use%20eSIMs%20only)%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EColours%3A%3C%2Fstrong%3E%20Deep%20purple%2C%20gold%2C%20silver%2C%20space%20black%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EIn%20the%20box%3A%3C%2Fstrong%3E%20iPhone%2014%20Pro%20Max%2C%20USB-C-to-Lightning%20cable%2C%20one%20Apple%20sticker%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EPrice%3A%3C%2Fstrong%3E%20Dh4%2C699%20%2F%20Dh5%2C099%20%2F%20Dh5%2C949%20%2F%20Dh6%2C799%3C%2Fp%3E%0A
ICC Awards for 2021

MEN

Cricketer of the Year – Shaheen Afridi (Pakistan)

T20 Cricketer of the Year – Mohammad Rizwan (Pakistan)

ODI Cricketer of the Year – Babar Azam (Pakistan)

Test Cricketer of the Year – Joe Root (England)

WOMEN

Cricketer of the Year – Smriti Mandhana (India)

ODI Cricketer of the Year – Lizelle Lee (South Africa)

T20 Cricketer of the Year – Tammy Beaumont (England)

Racecard

6pm: Al Maktoum Challenge Round 2 Group 1 (PA) $55,000 (Dirt) 1,900m  

6.35pm: Oud Metha Stakes Rated Conditions (TB) $60,000 (D) 1,200m  

7.10pm: Jumeirah Classic Listed (TB) $150,000 (Turf) 1,600m  

7.45pm: Firebreak Stakes Group 3 (TB) $150,000 (D) 1,600m  

8.20pm: Al Maktoum Challenge Round 2 Group 2 (TB) $350,000 (D) 1,900m  

8.55pm: Al Bastakiya Trial Conditions (TB) $60,000 (D) 1,900m  

9.30pm: Balanchine Group 2 (TB) $180,000 (T) 1,800m   

The specs

Engine: 2.0-litre 4cyl turbo

Power: 261hp at 5,500rpm

Torque: 405Nm at 1,750-3,500rpm

Transmission: 9-speed auto

Fuel consumption: 6.9L/100km

On sale: Now

Price: From Dh117,059

Abramovich London

A Kensington Palace Gardens house with 15 bedrooms is valued at more than £150 million.

A three-storey penthouse at Chelsea Waterfront bought for £22 million.

Steel company Evraz drops more than 10 per cent in trading after UK officials said it was potentially supplying the Russian military.

Sale of Chelsea Football Club is now impossible.

The specs

Engine: 1.5-litre turbo

Power: 181hp

Torque: 230Nm

Transmission: 6-speed automatic

Starting price: Dh79,000

On sale: Now

More from Armen Sarkissian

The Sky Is Pink

Director: Shonali Bose

Cast: Priyanka Chopra Jonas, Farhan Akhtar, Zaira Wasim, Rohit Saraf

Three stars

Racecard

5pm: Al Maha Stables – Maiden (PA) Dh80,000 (Turf) 1,600m

5.30pm: Wathba Stallions Cup – Maiden (PA) Dh70,000 (T) 1,600m

6pm: Emirates Fillies Classic – Prestige (PA) Dh100,000 (T) 1,600m

6.30pm: Emirates Colts Classic – Prestige (PA) Dh100,000 (T) 1,600m

7pm: The President’s Cup – Group 1 (PA) Dh2,500,000 (T) 2,200m

7.30pm: The President’s Cup – Listed (TB) Dh380,000 (T) 1,400m

Updated: May 30, 2023, 7:53 AM