Network International, the prominent repayment solutions provider Middle East and Africa region, today launched the Network Index of Consumer Spend (NICS), the first-of-its-kind cards investing index that tracks changes in customer card spending in the UAE on a quarterly basis. The index was launched with the goal to offer a large range of customer markets in the UAE with valuable knowledge on consumer habits, enabling them to earn data-driven strategic business choices.

A public-domain index, NICS tracks, steps and analyses consumer card costs throughout several sub-sectors and industries to derive a single index number that shows just how spending has changed over a particular duration. Spend data from 2014 was utilized as the base year, with a worth of 100, and all subsequent years' index values are revealed about the base year's value, using a statistically valid formula. Sectoral sub-indices track consumer deals throughout specific industry groups consisting of Travel & Hospitality; Health Care; Consumer Goods; and Food & Entertainment. *.

Today's inaugural edition of the NICS revealed the outcomes of the Q1 2018 Index which revealed that customer card spending in the UAE raised by 8.33%, mainly attributable to an increase in the Food & Entertainment and Travel & Hospitality categories. The Index was at 142.47 as compared with 131.51 in Q1 2017.

Simon Haslam, Group CEO of Network International, said "With the launch of NICS, we aim to go one action even more from being a payments solutions supplier to being a repayments options assumed leader. As the largest acquirer in the UAE, Network International is highly positioned to use special understandings right into customer actions in the nation that could aid drive business choices and critical projects and offer extensive insights to a diverse series of industries.".

Samer Soliman, Managing Director, Middle East at Network International, said "The NICS is the first time that pertinent and trustworthy spending information from countless purchases throughout multiple channels has been utilized to present an unbiased view of what does it cost? residents and travelers in the UAE are investing and exactly what they are investing in. Our team believe that this will strengthen Network International's recommendation as an end-to-end consultant in the payments and financial services sector, and we anticipate that the index will certainly be favourably obtained by banks, vendors and settlements establishments alike.".

The inaugural edition of NICS was likewise released with an unique report on card spends for the complete year of 2017. For 2017, total costs in the UAE boosted with the index rising greater than 17 points over the previous year to 134.92. This was driven mainly by higher costs in the Food & Entertainment category with an index worth of 158.32. Health Care was close behind at 142.98, adhered to by Durable goods which registered at 133.11.

The NICS was launched today at an interview in Dubai by Simon Haslam, Group CEO of Network International, and Samer Soliman, Managing Director, Middle East at Network International.