Doha 1st April 2014: Global leader in remittance and foreign exchange, UAE Exchange, today said that in 2013 it remitted US$1.7 billion from Qatar, largely to South Asia, taking a share of over 12 per cent of the total remittance outflows from the country, estimated at US$13.8 billion by the International Monetary Fund (IMF).
In a statement, UAE Exchange said that growth in remittances from Qatar was on a moderately upward trend, largely rising on the back of the renewed hiring of overseas workers by the country’s private sector. In 2012, remittances through UAE Exchange from Qatar was to the tune of US$1.4 billion, while the total outflows as estimated by the Qatar Central Bank was US$13 billion.
Mr. Promoth Manghat, Vice President – Global Operations, UAE Exchange, said, “Most of the remittances from Qatar were to India, followed by Philippines, Bangladesh, Pakistan, UAE, Nepal, Sri Lanka, Jordan, Lebanon, Indonesia,” adding that “the continuing infrastructure development and economic growth in Qatar would in turn lead to higher remittance volumes from Qatar in 2014.”
GCC is estimated to have around 15 million migrant workers, with Qatar having 1.4 million migrant workers. The six-nation bloc is the third largest hub of migration in the world.
Anticipating growth, UAE Exchange is also planning to expand its footprints and enhance its presence in Qatar. Currently, it has nine branches in Qatar offering diverse remittance channels including bank transfers, instant money transfers, foreign currency exchange, bill payments and payroll solutions.
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 correspondent relationship with over 150 global banks across the world.
“Out of the US$414 billion remittance flows to the developing world,
UAE Exchange has 6 per cent market share handling US$25 billion, which is a robust indicator of significant presence as a global player in the remittance sphere.”
Mr. Manghat said. By 2016, remittances to developing countries are projected to touch half a trillion mark.
Across the five countries UAE Exchange operates in GCC, excluding Saudi Arabia, the cumulative remittances it handled in 2013 was to the tune of US$21.3 billion.
Source : Official UAE Exchange Communication.