Expat remittances hit $33bn in UAE in nine months

Expatriate remittances from the UAE amounted to Dh121.1 billion ($32.9 billion) during the first nine months of the year, a growth of 2.1 per cent from Dh118.6 billion during the corresponding period in 2016.

An amount of Dh90.3 billion was transferred through money exchange companies while the rest went through banks since January through September, reported Emirates news agency Wam, citing a report by the UAE Central Bank.

During the third quarter (Q3) of the year, money sent by expats to home countries jumped to Dh43.3 billion, an increase of 14.1 per cent from Dh37.9 billion during the same period in 2016.

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During Q3 also, Dh31 billion was transferred through exchange firms, accounting for 71.6 per cent of total remittances during that period.

India took home the crown as the top-receiving country for earnings made by migrants, with a total of Dh15.46 billion, comprising 35.7 per cent of total remittances during Q3.

They are followed by Pakistani beneficiaries who received 8.7 per cent of total remittances, then Filipinos in the third place with 6.7 per cent, while Egyptians make up 4.8 per cent and US nationals 4.1 per cent, Britons 3.7 per cent, Jordanians 3.1 per cent, Bengalis 2.9 per cent, Swiss nationals 2.4 per cent and Lebanese 1.8 per cent.

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According to CB figures, Asian workers account for 82 per cent of the total labour force in the country and sent around Dh22.1 billion or 51 per cent of total remittances during Q3.

Source Credit: Gulf Digital News

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