Global leader in remittance and foreign exchange, UAE Exchange, today said that in 2013 it remitted around US$14 billion from UAE, largely to South Asia.
In a statement, UAE Exchange said that growth in remittances from UAE was on an upward trend, largely rising on the back of the economic growth of the country and the continuous investment in the infrastructure. In 2012, remittances through UAE Exchange from UAE were to the tune of US$13.2 billion.
Mr. Promoth Manghat, Vice President – Global Operations, UAE Exchange, said “Most of the remittances from UAE were to India, followed by Bangladesh, Pakistan, Philippines, Sri Lanka, Nepal, Egypt, Indonesia, Jordan and Thailand,” adding that “the continuing infrastructure development and economic growth in UAE would in turn lead to higher remittance volumes from UAE in 2014.”
GCC is estimated to have around 15 million migrant workers, with UAE having over 5 million migrant workers. The six-nation bloc is the third largest hub of migration in the world.
Anticipating growth, UAE Exchange is also planning to expand its footprints and enhance its presence in UAE. Currently, it has 132 branches in UAE offering diverse remittance channels including bank and instant money transfers, foreign currency exchange, payroll solution, prepaid travel card and bill payments.
Across the world, UAE Exchange has 700 branches in 31 countries across five continents serving some 6.5 million customers. The remittance player has strong correspondent relationship with over 150 global banks across the world.
“Out of the US$414 billion remittance flows to the developing world, UAE Exchange has 6 per cent market share handling US$25 billion, which is a robust indicator of significant presence as a global player in the remittance sphere.”
Mr. Manghat said. By 2016, remittances to developing countries are projected to touch half a trillion mark.
Across the five countries UAE Exchange operates in the GCC, excluding Saudi Arabia, the cumulative remittances it handled in 2013 was to the tune of US$21.3 billion.