The economic scenario for the GCC in 2023 looks less certain as the global economy slows, while Brent oil price is expected to average $85 per barrel in 2023, says S.
GCC banks are set to benefit from a regional economic recovery this year amid higher oil prices, still supportive government spending, and normalising non-oil
GCC retail banks brace for subdued revenue growth issacjohn@khaleejtimes.com Filed on February 21, 2021
Retail banks face tremendous challenges to improve customer experiences, grow revenue, build sustainable capabilities, reduce costs, and enhance the quality of their controls. File photo
The most affected retail banking products in regional banks because of the pandemic are consumer loans and deposit revenues
The retail banking sector in three key economies in the GCC is expected to record subdued revenue growth till 2024 compared to the robust increase during the five-year period before 2019.
Boston Consulting Group said in the UAE, Saudi Arabia and Kuwait the retail banking revenue growth in 2019-24 period, even in a quick-rebound scenario, would only be at a compound annual growth rate of 1.6 per cent or from $26.4 billion to $28.6 billion in 2024. The growth rate is subdued when compared to the strong growth recorded in 2014–2019, at a CAGR of 5.5 per c