UAE remittances to Egypt hit $1.83bn in 2015

30/05/2016 05:43 AST

Egypt received an estimated $19.7 billion in remittances from the world over in 2015, of which $1.83 billion came from the UAE, according to remittance data of World Bank.

Meanwhile, Jordan received $3.8 billion from countries across the globe, with the UAE contributing $716 million to the total.

Remittances play an important part in both countries’ economies, contributing 6.8 per cent to Egypt’s GDP (2014) and 10.4 per cent to Jordan’s, while spurring business opportunities, investments and a better quality of life.

A 2015 BQ Magazine report estimates that 400,000 Egyptians reside in the UAE, making them the largest Arab expatriate community in the country.

There are also approximately 200,000 Jordanians residing in the country. Remittances to Jordan and Egypt are expected to stay robust as the UAE moves towards hosting global events such as the Expo2020 world exhibition, which will attract 25 million visitors and also generate employment opportunities for non-GCC Arab nationals.

“The UAE is a very active hub for remittances to non-GCC countries in the Mena region. The country’s multinational mix and vibrant economy, creates opportunities for large expatriate Arab populations. Remittances from the UAE to countries in the Mena region and Asia have been growing year on year, and we are expecting it to accelerate as we approach 2020,” said Sudhesh Giriyan, COO at Xpress Money, a global money transfer brand with presence in more than 160 countries through 180,000 agent locations.

“We have invested heavily in our presence in the UAE with close to 500 locations across the country facilitating convenient money transfers. We are also ensuring that remitters benefit from low overheads when sending money from the UAE to friends and families back home.

“Our customers enjoy the market’s lowest transfer fees, starting at Dh15 ($4), and attractive exchange rates. Xpress Money’s customer-centric approach has helped us grow into a trusted brand linking communities across the UAE, Egypt and Jordan,” added Giriyan.

Trade Arabia