The Finance World Magazine| Edition: March 2023

UAE Boosts Its Economy with Operation 300bn and In-Country Value Program
The United Arab Emirates has
made significant strides in
strengthening its economy
through its Operation 300bn
and In-Country Value (ICV) program.
Operation 300bn aims to increase the
country’s non-oil sector contribution
to its GDP from the current 60% to
70% by 2030. The ICV program, on the
other hand, is designed to promote
local content and develop the country’s
Géant Expands Express
Concept for Convenient
Shopping Experience
Géant, one of the largest
hypermarket chains in
the UAE, is expanding its
Express Concept store
to offer consumers an even more
convenient shopping experience.
The new Express Concept stores will
offer a carefully curated selection of
products, including fresh produce,
dairy, and bakery items, as well as
household essentials, all at competitive
prices. Customers can expect a fast and
efficient shopping experience, with a
streamlined checkout process and easyto-navigate
store layout. The expansion
of the Express Concept stores is part
of Géant’s commitment to meeting the
needs of its customers and providing
a convenient and accessible shopping
experience. Géant is solidifying its
position as a leader in the retail industry
in the UAE and beyond.
industrial sector by boosting local
production and creating new job
opportunities. These initiatives have
already shown promising results, with
the country’s industries receiving a
major boost and the economy growing
at an unprecedented pace. The right
mix of investment, infrastructure, and
policy support, the UAE is well on its
way to becoming a global economic
powerhouse.
Carrefour Launches Revolutionary Facial Recognition
Payment Technology in UAE
Carrefour, the leading retail in
the UAE, has taken a giant
leap in the world of payment
technology by introducing a
ground-breaking facial recognition
system. Shoppers can now make
purchases simply by looking at the
camera and having their face scanned,
eliminating the need for cash, credit
cards, or even smartphones. The
technology uses advanced algorithms
to securely verify the shopper’s identity
and process the payment in real-time.
Not only is this new system incredibly
convenient, but it also offers an added
layer of security as it eliminates the
risk of fraud and theft associated
with traditional payment methods.
The launch of this technology marks
a major milestone for Carrefour and
sets a new standard for the future of
retail payment systems.
Al Salam Bank Reaches New Heights with 48%
Net Profit Increase in 2022
Al Salam Bank, based
in Bahrain, has seen a
significant boost in its
net profit, reaching a 48%
increase in 2022. The bank attributed
this success to its strong performance
in retail banking, treasury, and
investment operations. Additionally,
the bank’s efforts to improve
operational efficiency and control costs
have also played a crucial role in this
growth. With a strong balance sheet
and robust capital position, Al Salam
Bank is well-positioned to continue
serving its customers and supporting
the development of Bahrain’s economy.
The bank remains committed to
providing a wide range of financial
services and innovative solutions to
meet the evolving needs of its clients.
This impressive performance is a
testament to the bank’s dedication to
excellence and its ability to navigate
challenging market conditions.
March 2023 www.thefinanceworld.com 119