Expat remittances surge to AED121.1 billion in nine months
ABU DHABI, 13th December, 2017 (WAM) -- Expats remittances from the UAE amounted to AED121.1 billion during the first nine months of the year, a growth of 2.1 percent from AED118.6 billion during the corresponding period in 2016.
According to a report by the UAE Central Bank, an amount of AED90.3 billion was transferred through money exchange companies while the rest went through banks since January through September.
During the 3rd quarter of the year, money sent by expats to home countries jumped to AED43.3 billion, an increase of 14.1 percent from AED37.9 billion during the same period in 2016.
During Q3 also, AED31 billion was transferred through exchange firms, accounting for 71.6 percent 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 AED15.46 billion, comprising 35.7 percent of total remittances during Q3.
They are followed by Pakistani beneficiaries who received 8.7 percent of total remittances, then Filipinos in the third place with 6.7 percent, while Egyptians make up 4.8 percent and US nationals 4.1 percent, Britons 3.7 percent, Jordanians 3.1 percent, Bengalis 2.9 percent, Swiss nationals 2.4 percent and Lebanese 1.8 percent.
According to CB figures, Asian workers account for 82 percent of the total labour force in the country and sent around AED22.1 billion, or 51 percent of total remittances during Q3.
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