By: Mahmoud Gamal

Abu Dhabi – Mubasher: Remittances of expatriate workers in the UAE rose 2.4% or AED 1 billion year-on-year by the end of fourth quarter of 2017, according to the Central Bank of the UAE.

Remittances amounted to AED 43.2 billion ($11.76 billion) in Q4-17, compared to AED 42.2 billion ($11.48 billion) in the same period a year earlier, the bank’s statement showed.

Exchange companies acquired the largest stake of remittances with 72.6% or AED 31.4 billion in Q4-17, while banks obtained 27.4% share with AED 11.8 billion.

Seven countries acquire the biggest proportion of these remittances, led by India with AED 14.8 billion, followed by Pakistan with AED 4.1 billion, the Philippines with AED 3.1 billion, the US with AED 2.6 billion, Egypt with AED 2.4 billion, and the UK and Bengal with AED 1.5 billion each.

Translated by: Mohamed Hesham Azab