Remittances from UAE up 3% in 2018
Remittances from the UAE reached Dh169.2bn last year, an increase of 3% or Dh4.8bn compared to 2017, according to the UAE Central Bank's annual report.
India remains the top destination for remittances due to the depreciation in the rupee's value against the dirham and a large number of non-resident Indians working in the Emirates. It accounted for 38.1% of the total outflows.
Indian nationals represent about 30% of the UAE's total expat population, according to the Indian Embassy in Abu Dhabi.
With Eid Al Fitr approaching, remittances to India, Pakistan, Bangladesh, Egypt and other Muslim countries surge ahead of the holiday seasons.
The next five top countries receiving remittances from the UAE were Pakistan (9.5%), the Philippines (7.2%), Egypt (5.3%), the US (3.9%) and the UK (3.7%).
The UAE is the second biggest outward remittance country in the world, with the US taking the first spot.
Subscribe to International Investment's free, twice-daily, newsletter
More From News
