Visa's Business Surges in Oman by 132 percent to $704m
Oman has recorded an unprecedented growth in both expenditure - up 132 percent to $704 million- and card numbers - up 90 percent to 296,000 cards - making it the fastest growing market in the Arab world, Khaleej Times reported Saturday quoting press release by Visa’s International company.
According to Peter Scriven, Visa's general manger in the Middle East, innovative marketing campaigns conducted by the banks combined with increased attention to customer needs were behind a major increase in Visa Electron debit cards. Saudi Arabia as Cemea's biggest market in terms of cardholder expenditure has recorded 35 percent growth in expenditure to $11.6 billion, while card numbers rose by 28 percent to 1.7 million cards.
Rob Clark, Visa vice-president, KSA was quoted by the daily as saying "Saudi Arabia is a critical market for Visa. Our direct presence in the market following the opening of Visa's representative office in Riyadh last October will be able to give our members greater on-the-ground support which will continue to produce dividends.”
Kuwait has registered an increase in card numbers of 12 percent to 297,500 and a corresponding increase in expenditure to $6.4 million giving the country one of the biggest average transaction rates in Cemea’s market – Albawaba.com
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