Expat remittances surge to Dh121.1 billion in nine months
ABU DHABI 1y December 2017: Expats remittances from the UAE amounted to Dh121.1 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.
According to a report by the UAE Central Bank, an amount of Dh90.3 billion was transferred through money exchange companies while the rest went through banks since January through September, said Wam.
During the 3rd quarter 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.
During Q3 also, Dh31 billion was transferred through exchange firms, accounting for 71.6 per cent of total remittances during that period.
India Tops
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.
It is followed by:
Pakistani beneficiaries who received 8.7 per cent of total remittances
Filipinos in the third place with 6.7 per cent
Egyptians make up for 4.8 per cent
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
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.