UAE: Expat remittances up 17% from last year

In the first quarter of 2018, remittances by UAE expats increased by 17% compared to 12 months ago. According to figures released by the Central Bank of the UAE, UAE expats have remitted AED 43.5 billion this year, up from AED 37.1 billion in the first quarter of 2017.

Transactions made via money exchanges have also increased by more than 10% compared to last year, and now makeup 70% (around AED 30 billion) of all transactions.

RFi Group data shows that the majority (52%) of UAE Expats have sent money internationally over the past 12 months, with two-thirds of these consumers sending money internationally on a monthly basis.

As it stands, remittances account for 27% of the UAE’s current account. In an attempt to counter this increase in remittances, the UAE has introduced new laws that allow 100% foreign ownership of companies.

Similarly, the UAE has begun issuing long-term (10 years) visas to professionals and students, with the aim of encouraging these skilled expats and their savings to remain in the UAE.

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