Posted by Neil King
UAE credit card holders have substantially increased their lifestyle-related spending in 2010, it has been claimed.
Majid Al Futtaim Finance, issuers of Najm Visa and Najm JCB, said that usage data for the former card showed that spending in the restaurants and hotels category has risen by 50 per cent in the last year.
"Overall, the recent findings of Majid Al Futtaim Finance indicate that UAE consumers are still using the credit cards that offer them the benefits most relevant to their lifestyles, which is a good indicator for the overall financial health of cardholders in the UAE," said Rasool Hujair, chief executive officer at the company.
Majid Al Futtaim has claimed that after launching the Najm Visa in July, it found that retail spending by cardholders has been higher at its partner retail outlets.
This was partly attributed to the international brand recognition of Visa.
Meanwhile, the group behind Souk at Qaryat Al Beri, a new waterfront dining, shopping and entertainment destination in Abu Dhabi, this week endorsed statistics forecasting that retail space in the UAE capital could grow by as much as 42 per cent by 2012.