Remittances in 2017 grew by 2.2 percent in 2017 over the year earlier
UAE expats sent home AED 164.3 billion ($44 billion) in 2017, with the bulk of it sent to families and dependents in India, Pakistan and the Philippines, according to a report by the UAE Central Bank.
Remittances in the fourth quarter of 2017 amounted to AED 43.2 billion ($11.7 billion). Over half of that amount was remitted to India with AED 14.8 billion ($4.03 billion), Pakistan with AED 4.1 billion ($1.1 billion), and the Phillippines with AED 3.1 billion ($844 million).
Remittances to the US and UK accounted for nearly 10 percent, with AED 2.6 billion ($707.8 million) and AED 1.8 billion ($490 million), respectively. Egypt rounded out the list of the top five countries, with remittances sent amounting to AED 2.4 billion ($653.4 million).
Nearly three quarters of remittances in 2017, totalling AED 121.7 billion ($33.1 billion) were sent via exchange houses.For all the latest banking and finance news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.