Boston, MA -- (SBWIRE) -- 06/16/2012 -- Payroll cards are becoming increasingly widespread in the UAE, driven by the government-mandated wages protection system (WPS). The UAE's banking structure, albeit fragmented, is a mixture of both private and public banks. Jebel Ali, one of the mid-market malls in the UAE, is considered a pioneer of the prepaid cards industry in the country. Saudi Arabia's young population is driving considerable investment into the country's prepaid cards market which provides the potential for youth-targeted prepaid cards. The market for prepaid cards in Saudi Arabia was found to be negligible with a minimal percentage of prepaid gift cards in supply. The country has a healthy influx of tourists for the Islamic holy cities such as Mecca, Jeddah and Riyadh. Tourist prepaid cards are expected to drive the Saudi Arabian market. On the other hand, the prepaid card market in Egypt is still in its developmental stages. The market received support in 2008 and 2009 when the government made concerted efforts to increase the penetration rates of e-banking across the country. However, the market was adversely affected by the uprisings against the Hosni Mubarak government in early 2011. At present there are a small number of prepaid card programs in Egypt, primarily offered by banks.
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- For the Middle East, growth in macroeconomic indicators is expected to support the financial cards market. The overall economic growth in the Middle East will attract investments in various sectors, which are also expected to support the growth of prepaid cards in the region.
- The UAE prepaid market is expected to grow at a CAGR of 28.77% over the forecast period (2012-2016).
- Saudi Arabia's young population is driving considerable investment into the country's prepaid cards market which provides the potential for youth-targeted prepaid cards. The market for prepaid cards in Saudi Arabia was found to be negligible with a minimal percentage of prepaid gift cards in supply.
- The prepaid cards market in Egypt is still in its developmental stages. The Egyptian prepaid cards market grew at a robust CAGR of 34.32% during the review period (2007-2011).
- This report provides a comprehensive analysis of the prepaid card market in the Middle East
- It provides current values for the Middle Eastern prepaid card market for the year 2011 and forecast figures for the years up to 2016
- It offers a detailed analysis of the key markets in the Middle Eastern prepaid card market, along with market forecasts until 2016
- It details the different macroeconomic factors affecting the Middle Eastern prepaid card market
- It covers an exhaustive summary on the key trends and drivers affecting the prepaid card market
- It outlines the current regulatory framework in the industry
- It details the marketing strategies used by various bankers and other institutions
Companies Mentioned in this Report: Nakheel Retail, Visa, G-2 E Dirham, Emirates NBD Bank, iVestor, Abu Dhabi Commercial Bank, National Bank of Dubai, Commercial Bank of Dubai, Union National Bank, National Bank of Sharjah, Mashreq Bank, Central Bank of Egypt, Credit Agricole Egypt, Arab African International Bank
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