Tribal Credit witnesses increase in international business transfers in the MENA region

Tribal Credit witnesses increase in international business transfers in the MENA region

Dubai/Cairo/Riyadh: According to internal data from Tribal, a company that provides comprehensive digital financial solutions, international transfers of companies in MENA for the payment of suppliers, purchase of equipment and raw materials, and corporate services increased 10% from the first quarter to the second quarter of 2022.

The expansion of business across borders is one of the most attractive opportunities for expansion since it opens up commercial prospects in new markets.

The UAE's main export markets in 2020 were India, China, Saudi Arabia, Japan and Iraq, according to the OEC. In 2020, Saudi Arabia exported its products primarily to China, India, Japan, South Korea, and the UAE, while the US, Saudi Arabia, UAE, Turkey, and Italy were Egypt's top export markets in 2020. Therefore national companies need economically sustainable alternatives to make safe and effective international payments.

The increasing need to seamlessly access export markets has become even more relevant considering the growth in e-commerce during the COVID-19 crisis, the predicted strong growth of e-commerce - with e-commerce sales predicted to rise to $50 billion in 2022 as per CNNB Solutions’ 2022 MENA e-Commerce Report, and the strong commercial links between countries in the MENA region.

According to the World Bank, post-COVID-19 economic growth