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Digital payments major sees revenue boost as UAE consumer spending recovers

Digital payments major sees revenue boost as UAE consumer spending recovers

Network International says it is ‘on track’ to launch services in Saudi Arabia in early 2022 A recovery in consumer spending in the UAE has led to a 19 percent growth in revenue for digital payment major Network International in the third quarter of this year. In a statement, the company also said on Wednesday

Network International says it is ‘on track’ to launch services in Saudi Arabia in early 2022

A recovery in consumer spending in the UAE has led to a 19 percent growth in revenue for digital payment major Network International in the third quarter of this year.

In a statement, the company also said on Wednesday that its market entry into Saudi Arabia is on track with launch plans scheduled for early 2022.

UAE’s Network International completes $291.3m DPO Group acquisition

Company also revealed new strategic vision towards becoming the fastest growing payments company in the Middle East and Africa

Network International said it also registered record levels of new merchant sign-ups during the quarter including Hugo Boss, Mercedes and the recently opened Madame Tussauds Dubai and Ain Dubai.

Nandan Mer, CEO, said: “We have set out our new strategy to accelerate, innovate and drive faster long-term growth. We are making progress already, giving the business strong foundations from which to deliver our medium-term target of 20 percent+ revenue growth.

“I am pleased to see the strength of trading in our UAE merchant business. This is a reflection of our enhanced sales strategies, faster merchant onboarding and new capability launches; as well as improving underling market dynamics. Consumer spending in the region has also continued to improve, supported by the ongoing return of tourism and growing domestic consumer confidence.”

He added: “Our market entry to Saudi Arabia is on track. We have made significant progress in the build of our technology platform, a pipeline of customer commitments and expect to launch services in early 2022.

“Our efforts are laying the foundations for future growth and we remain confident in our outlook.”

The company said the value of payments processed was up 22 percent and performance was particularly strong in the UAE and Jordan.

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