(MENAFN - Khaleej Times) Global leader in remittance and foreign exchange uae exchange said on tuesday that in 2013 it remitted around 14 billion from the uae a bulk of that was to south asia
In a statement uae exchange said that the growth in remittances from uae was on an upward trend largely rising on the back of the economic growth of the country and the continuous investment in the infrastructure. in 2012 remittances through uae exchange from the uae were to the tune of 13.2 billion.
Promoth manghat vice president of global operations uae exchange said that most of the remittances from the uae were to india followed by bangladesh pakistan philippines sri lanka nepal egypt indonesia jordan and thailand. the continuing infrastructure development and economic growth in the uae would in turn lead to higher remittance volumes from the country in 2014 he said.
The gcc is estimated to have around 15 million migrant workers with the uae having over five million migrant workers. the six-nation bloc is the third largest hub of migration in the world. aticipating growth uae exchange is also planning to expand its footprints and enhance its presence in uae. 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. the remittance player has strong relationship with over 150 global banks across the world. “out of the 414 billion remittance flows to the developing world uae exchange has six per cent market share handling 25 billion which is a indicator of significant presence as a global player in the remittance sphere” manghat said.
By 2016 remittances to developing countries are projected to touch the half a trillion mark. across the five countries uae exchange operates in the gcc excluding saudi arabia the cumulative remittances it handled in 2013 was to the tune of 21.3 billion.