Dubai consolidated its status as global hub for tourism, opportunity: Visa
DUBAI: Dr. Saeeda Jaffar, Senior Vice President and Group Country Manager for the Gulf Cooperation Council (GCC) region at Visa, praised Dubai's global standing, affirming that the emirate has achieved remarkable success in attracting tourists and establishing itself as a city of opportunity.
Speaking to the Emirates News Agency (WAM) on the sidelines of the third MENA Capital Markets Summit, Jaffar said, 'Dubai has succeeded in attracting visitors from around the world, encompassing diverse tourism segments such as leisure, business and medical tourism, while recording record numbers of visitors and sustained growth in spending across the city.'
She added that Dubai continues to bolster its position as a leading global destination, with an economic environment rich in opportunities. 'There is effective dialogue between the public and private sectors, which enhances competitiveness and helps attract top talent,' she said.
On the payments sector, Jaffar highlighted the rapid shift towards digital transactions in the region. 'Before COVID-19, digital payments made up less than 30 percent of total transactions, while they now account for around 70 percent across the region and in the UAE,' she noted.
'This rapid evolution reflects not only increased digitisation but also advanced levels of technology adoption. The region is among the global leaders in contactless payments, with over 90 percent of face-to-face transactions conducted through this method,' she added.
Jaffar also pointed to the UAE's strong growth in e-commerce and high mobile usage in commercial transactions, adding that the remaining cash transactions are typically simple peer-to-peer exchanges, purchases of small items or rent payments.
On technology investment and fraud prevention, she said Visa prioritises transaction security, especially in the face of increasing threats driven by generative artificial intelligence, including 'fraud as a service'.
'This has led Visa to double down on its security efforts, deploying advanced solutions,' Jaffar explained, noting that the company analyses hundreds of factors during each transaction, cross-referencing them with a database of over 300 billion global transactions to determine legitimacy.
Visa is also leveraging cutting-edge AI technologies to combat this growing threat and ensure secure user experiences.
Looking ahead, Jaffar revealed that Visa is collaborating with partners to develop an intelligent agent model capable of completing transactions on behalf of users, underlining the need to redesign the payment experience in line with evolving digital trends.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Harpers Bazaar Arabia
36 minutes ago
- Harpers Bazaar Arabia
Take A Tour Of Sheikha Bodour Al Qasimi's Waterfront Boutique Full Of Exquisite Trinkets
From Emirati mkhaweer to Amazigh homeware, Sheikha Bodour Al Qasimi's new space is a quiet invitation to rediscover global craft and heritage Sheikha Bodour Al Qasimi wears her heritage on her sleeve. A woman of many facets – president of the American University of Sharjah and Chairperson of the Sharjah Investment and Development Authority, among others – her latest venture, Bait Elowal, is a homecoming of sorts. Tucked along the Sharjah waterfront, this culinary destination is designed to feel like home. The name itself reflects its philosophy – 'Bait' meaning home, and 'Elowal', an old Emirati term once used to describe a returning traveller, someone who comes back not just with things, but with memories, knowledge and discoveries gathered along the way. At its heart is Soghat Elowal, a boutique – more cabinet de curiosités than concept store – curated with handcrafted treasures from around the world, each with its own tale to tell. From hand-embroidered Emirati mkhaweer and rare Amazigh homeware to vintage Indian jewellery, the boutique is a tribute to heritage and craftsmanship. 'To understand Soghat Elowal, it must be seen in the context of Bait Elowal, where every element carries the imprint of journeys taken and stories gathered along the way,' explains Al Qasimi. The pieces showcased reflect her travels – she's instantly drawn to places where heritage lives in the hands of the artisans. 'When I come across a piece that draws me, I want to know more. There is always a journey behind it, a childhood memory, a family tradition, a skill passed down generations.' Visitors can browse crystals, sandalwood, hand-bound books and even a signature perfume, Terra, created exclusively for Bait Elowal, its crystal- topped bottle designed to live on long after the scent has faded. Naturally, everything is rooted in sustainability. 'Craftsmanship has always been sustainable. It employs local hands, uses what is available and respects the pace of tradition. At Soghat Elowal, we're trying to reclaim that feeling. To build a sustainability narrative grounded in culture versus consumption.' Ultimately, the space is more than just objects – it's a reminder to slow down and engage in the quiet joy of discovery. 'I want visitors to remember what it means to pause and engage with something that was made with care and intention.'
The National
an hour ago
- The National
Best photos of June 6: From D-Day landings anniversary to Eid Al Adha
What is THAAD? It is considered to be the US's most superior missile defence system. Production: It was created in 2008. Speed: THAAD missiles can travel at over Mach 8, so fast that it is hypersonic. Abilities: THAAD is designed to take out ballistic missiles as they are on their downward trajectory towards their target, otherwise known as the "terminal phase". Purpose: To protect high-value strategic sites, such as airfields or population centres. Range: THAAD can target projectiles inside and outside the Earth's atmosphere, at an altitude of 150 kilometres above the Earth's surface. Creators: Lockheed Martin was originally granted the contract to develop the system in 1992. Defence company Raytheon sub-contracts to develop other major parts of the system, such as ground-based radar. UAE and THAAD: In 2011, the UAE became the first country outside of the US to buy two THAAD missile defence systems. It then stationed them in 2016, becoming the first Gulf country to do so.
Arabian Business
an hour ago
- Arabian Business
UAE businesses confident of international trade growth despite tariff woes
Businesses in the UAE remain highly confident in their international trade prospects, with 94 per cent saying they expect to grow cross-border trade in the near future, according to HSBC's 2025 Global Trade Pulse Survey. Despite ongoing uncertainty and cost headwinds from tariffs, UAE firms are leaning into enhanced planning and digital solutions to stay ahead. The HSBC survey offers insight into the business plans and sentiment of more than 5,700 international firms across 13 markets regarding tariffs and trade. UAE business optimism It reveals that two thirds of corporations globally have already experienced cost increases due to tariff and trade uncertainty – and the worst may be yet to come. In contrast, companies in the UAE are incredibly optimistic about their future international trade prospects, as they have not suffered particularly pronounced impacts on cost yet, though they do expect to in the short-and-long-term. Deyana Cherneva, Head of Global Trade Solutions, Middle East North Africa and Türkiye, HSBC Bank Middle East said: 'Corporates in the UAE have their counter strategies ready in response to the rapidly evolving trade landscape. Using data, investing in supply chains, and increasing reliance on the Middle East, China, and Europe corridors, are part of their plans. 'Geopolitical and geoeconomic shifts have been a mainstay across decades and resilient businesses know how to adapt and respond. What is encouraging to see is that 75 per cent of corporates in the UAE plan to use the trade uncertainty as an opportunity to evolve and explore new opportunities.' Key findings include: The United Arab Emirates' proactive approach is also reflected in increased regional trade ties. 62 per cent of surveyed UAE firms say they are ramping up reliance on the Middle East, followed by China (47 per cent) and Europe (43 per cent).
