Retail Banking Revenues Growing in UAE and GCC between 6% to 9% CAGR till 2026 Forecasts BCG

The United Arab Emirates retail banking revenues are expected to grow at a CAGR of 6.4% between 2021 to 2026, a steep rise from 0.1% from 2016 to 2021. GCC economies, UAE, Saudi Arabia, Kuwait, Bahrain, and Qatar, expect to see an 8.8% CAGR within the same period to 2026, according to a new report by Boston Consulting Group (BCG).

The report, titled Global Retail Banking 2022: Sense and Sustainability, also reveals that one-quarter of retail banks surveyed globally report that ESG is a primary focus area for their digital transformation, and another 38% say that ESG is a key criterion in selecting and prioritizing digital transformation initiatives. In addition to ESG, through the five years from 2021 to 2026, payments, mortgages, and deposit products are likely to drive banking revenue growth in the GCC retail banking sector. An accelerated pace of digital payments and e-commerce adoption in the wake of COVID-19 will further benefit payment revenue growth.