By Andy Sambidge
Remittance and foreign exchange firm says it expects volumes to rise this year due to UAE economic growth
Remittance and foreign exchange firm UAE Exchange has said that it remitted around $14 billion from the UAE, largely to South Asia, during 2013.
In a statement, UAE Exchange said that growth in remittances from UAE was on an upward trend, from $13.2 billion in the previous year. Across the GCC, excluding Saudi Arabia, remittances totalled over $21 billion.
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."
He added that he expected remittance volumes to grow further this year due to the continuing economic growth in the UAE.
The GCC is estimated to have around 15 million migrant workers, with UAE having over 5 million. The six-nation bloc is the third largest hub of migration in the world.
UAE Exchange said it is planning to expand its footprint and enhance its presence in UAE to meet expected demand growth for its services.
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.
"Out of the $414 billion remittance flows to the developing world, UAE Exchange has 6 percent market share handling $25 billion, which is a robust indicator of significant presence as a global player in the remittance sphere," said Manghat.