News

Gen Z Spearheading Payment Innovation In The Middle East

According to new data, Gen Z’s adoption of new payment technology is driving widespread growth across the MENA region.

Published

2 years ago

February 24, 2023

gen z spearheading payment innovation in the middle east

As Gen Z begins to make its presence felt in economies worldwide, the technological proficiency of the demographic is driving innovation in the digital space. In the Middle East — and the UAE especially — research shows a sharp drop in cash purchases as digital payments and their associated technology become commonplace.

According to data from Amazon Payment Services, a digital payment revolution is taking place in the UAE, with contactless and app-based transactions rising at a compound annual growth rate of 18.3% between 2021 to 2023.

“About 61% of Gen Z in the UAE have digital wallets, which indicates that they are adopting new ways of payments and technology. On the other hand, millennials have access to disposable income. Many of them are entrepreneurs and are not only users of digital payments from a consumer perspective but also a business perspective. This combination is the unbeatable match in the region,” says Peter George, Managing Director of Amazon Payment Services.

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According to George, travel, hospitality, and airlines have seen the most significant changes in payment preferences. By 2023, however, the UAE, Saudi Arabia, and Egypt’s digital payment sectors are expected to double in size across the board. High rates of internet use, a fintech boom, and a comparatively young population are driving the digital payment sector, eventually leading to a trickle-down effect allowing small businesses to flourish.

News

1,000 Drones Light The Dubai Sky For AC Milan Celebration

Cyberdrone’s groundbreaking display marked 125 years of AC Milan football club and the 1st-year anniversary of Casa Milan Dubai.

Published

12 hours ago

November 21, 2024

Nour Nasir

Cyberdrone, a leading UAV display company based in Dubai, put on a breathtaking drone light show on Monday to honor two significant football milestones: AC Milan’s 125th anniversary and the one-year anniversary of Casa Milan Dubai.

The spectacle involved 1,000 drones working in perfect harmony to project AC Milan’s iconic imagery against the city’s night sky. Highlights included the UAVs synchronizing to form the club’s iconic crest, the signature red and black jersey, and a special emblem marking its 125th year. The intricate performance demanded meticulous planning, not just in terms of choreography, but also in dealing with the necessary permits and logistics.

cyberdrone ac milan dubai

“Our goal was to spotlight AC Milan’s legacy through a stunning visual narrative,” explained Mohamed Munjed Abdulla, Director of Sales at Cyberdrone. “We celebrated the club’s history, its Dubai milestone, and the universal love for football. The show also enhanced AC Milan’s regional presence, growing its fanbase through a cutting-edge, memorable experience. Drone shows are unparalleled in leaving lasting impressions, making them perfect for driving partnerships and growth”.

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Greta Nardeschi, AC Milan’s Regional Director for MENA, echoed the sentiment, adding: “Collaborating with Cyberdrone for this 1,000-drone performance allowed us to connect with our fans in innovative ways. It gave us a unique opportunity to surprise and inspire audiences while elevating our Club’s visibility and that of our partners. Cyberdrone truly helped us take AC Milan to new heights”.

This groundbreaking drone display sets a new benchmark for the Middle East’s sports sector, which already contributes around $2.4 billion annually to Dubai’s GDP alone. Sporting events also generate $1.76 billion in revenues across the region, while the MENA’s entertainment sector, valued at $41.13 billion, is growing at 9.41% annually, driven by rapid technological advancements.