By Bernd Debusmann Jr

More of this topic

Posted inBanking & Finance

Expat remittances from UAE increase 13% to $23.96bn

India received nearly 40 percent of the total remittances sent from the UAE in the first half of the year

By Bernd Debusmann Jr
Expat remittances from the UAE totalled AED 88 billion ($23.96 billion) in the first half of 2018, a 13.1 percent growth from the AED 77.8 billion ($21.18 billion) recorded during the same period in 2017, according to figures from the Central Bank.
Expat remittances from the UAE totalled AED 88 billion ($23.96 billion) in the first half of 2018, a 13.1 percent growth from the AED 77.8 billion ($21.18 billion) recorded during the same period in 2017, according to figures from the Central Bank.

Expat remittances from the UAE totalled AED 88 billion ($23.96 billion) in the first half of 2018, a 13.1 percent growth from the AED 77.8 billion ($21.18 billion) recorded during the same period in 2017, according to figures from the Central Bank.

The figures are a 13 percent increase on last year, which saw $21.2bn (AED78bn) sent by expats to foreign countries during the first six months of 2017.  

According to the figures, remittances in Q1 this year hit AED 43.5 billion ($11.84 billion), representing 17.3 percent year-on-year growth.

In the second quarter, foreign remittances jumped to AED 44.4 billion ($12.09 billion), a growth of 8.8 percent from the AED 40.7 billion ($11.08 billion) recorded during the same time period in 2017.

Of the Q2 total, AED 34.8 billion ($9.47 billion) was transferred through money exchange houses, compared to AED 9.6 billion ($2.61 billion) that went through banks.

India received the most remittances during Q2, with AED 17.32 billion, or 39 percent of the total. AED 8.5 billion was received by Pakistan (8.5 percent), AED 3.15 billion by the Philippines (7.1 percent), AED 2.4 billion by Egypt (5.4 percent), AED 1.95 percent by the United States (4.9 percent) and AED 1.95 billion by the UK (3.8 percent).

Video of What will banks of the future look like?

Follow us on

For all the latest business 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.