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UAE consumer expenditure resilient despite oil price slump

Xinhua, March 16, 2016 Adjust font size:

Consumer expenditure in the United Arab Emirates (UAE), a major oil supplier, rose 13 percent year-on-year in 2015, electronic and card payments solutions provider Network International said in a report Wednesday.

The rise in consumer purchasing power came despite the fact that oil prices fell to an 11-year low last December, the report said.

The report said restaurants saw purchasing power increase by 23 percent, followed by clothing and hotels, both four percent higher.

"The UAE's economy has become resilient to market dynamics, as indicated in our analysis of card-expenditure data over the past year," said David Mountain, Chief Commercial Officer of Network International.

Network International's 2015 consumer spending report indicates that local consumers were the UAE's highest purchasing group last year, followed by the United States, Saudi Arabia, Qatar and Kuwait.

Dubai, the UAE's holiday and business destination, recorded a 7.5 percent increase in tourism last year. Endit