News that the trade embargoes with Iran will be lifted by western governments is welcome news for a Middle East FEC industry which is in expansion mood.
An initial response came from Alberto Borrero (pictured), vice-president of international sales at Intercard, the debit card supplier and one of the pioneers of debit card systems in the region.
Borrero said: “The removal of the embargo has yet to be ratified, but it seems very positive.
“Assuming Iran does join the ‘global village’ and opens for business, my opinion is that this would be excellent news for the industry, because it as a large population 25 per cent of which are middle class, so around 25 million people.
It also has a massive percentage – around 50 per cent – younger than 35. They are also hungry for entertainment and have world-class locations there.”
