It includes new investments, opening of bank accounts, active movement in payments and remittances

Experts: Positive effects of "Expo 2020 Dubai" in the banking sector

• It is expected that many companies, especially those concerned with technology, will open headquarters or branches in the country after Expo 2020 Dubai.

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Bankers said that "Expo 2020 Dubai" will have many positive effects on the banking and financial sector in the country, on the part of individuals, companies and governments that participate in it, noting that digital services for banks will be the biggest beneficiary of the exhibition.

They explained to "Emirates Today" that the exhibition will provide great opportunities for investors to learn about the advantages and facilities offered by the state with regard to investment, while it is expected that visiting companies will transfer part of their economic and financial activities to the Emirates and start new investments in it, noting that this will be accompanied by the opening of bank accounts. In addition, some companies will obtain credit facilities from local banks to support their new investment activities, which supports the banking sector.

positive effects

In detail, banking expert Amjad Nasr said that "Expo 2020 Dubai" will have many positive effects in the banking and financial sector, pointing out that these effects will come from individuals, companies and governments that will participate in the exhibition.

He added that "a number of individual visitors to the exhibition will open bank accounts in the country, which will be reflected in the increase in deposits in banks, as well as their use of their credit and direct debit cards, which will be affected by ATM fees and benefit the banks."

Nasr expected that visiting companies will transfer part of their economic and financial activities to the UAE, and they will start investing after learning about the advantages and investment facilities offered by the state, noting that this is accompanied by opening new bank accounts, transferring part of the companies' funds to the state, and thus increasing the volume of deposits. In addition, some companies will obtain credit facilities from local banks to support their new investment activities.

Nasr also expected that the governments of countries participating in the exhibition will request the opening of branches of the UAE national banks in these countries, and the opening of branches for banks in the UAE, pointing out that the digital services of banks will be the biggest beneficiary of "Expo 2020 Dubai".

Headquarters and branches

For his part, economist and banking expert Ali Al-Hamoudi said that the banking and financial sector in the country will benefit directly from the convening of "Expo 2020 Dubai", pointing out that the exhibition will positively affect various economic sectors, foremost of which is the banking sector.

Al-Hamoudi expected that many companies that visit “Expo 2020 Dubai”, especially companies concerned with technology, will open headquarters or branches in the country, after the exhibition, and learn about the investment environment and facilities provided by the state to work and live, which prompts banks to provide new banking services and packages. meet the needs of these companies.

Al-Hamoudi explained that the establishment of new companies is always accompanied by the opening of new bank accounts for companies and individuals, the recruitment of new workers, and the need for housing, which supports other sectors, such as the real estate sector.

He stated that the demand for the dirham will rise during the long period of the exhibition, and the country will witness an active movement more than usual in payment services and remittances during the exhibition period, which will reflect positively on banks and exchange companies, especially since companies need to provide funds to carry out their daily business during the period of time. Long exhibition that needs regular funding.

recovery and opportunities

Banking expert Ahmed Youssef agreed that the "Expo 2020 Dubai" exhibition positively affects the banking sector in the country, as well as positively affects various economic sectors.

He said that many officials and investors from different countries of the world will visit the UAE during the "Expo 2020 Dubai", and deal with the banking sector, especially with the length of the exhibition period and the long stay of a large number of visitors, which revives the banking and financial system in the country.

Youssef stressed that the visit to "Expo 2020 Dubai" will provide great opportunities for investors to learn about the advantages and facilities offered by the state with regard to investment, which encourages many of them to invest and increase trade with the state, which will be reflected in increasing bank accounts, increasing deposits, and obtaining facilities. Banking from state banks, which supports the banking sector.

Youssef explained that the visit of thousands to the country during the exhibition period supports the demand for the dirham, which strengthens its position globally, at a time when the country will witness an active movement of remittances during the exhibition.

He pointed out that visitors to the exhibition will deal with banking laws and the legislative environment that do justice to investors and preserve their rights, which enhances dealing with the banking and financial system in the UAE, and supports foreign investment during the coming period.

• Companies that will get facilities from local banks...and digital services will be the biggest beneficiary.

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