Remittances by UAE expats reached AED 79.6 billion in H1 2020

Wednesday, 30 September 2020 16:17

Expatriates in the UAE remitted a total of AED 79.6 billion during the first half of 2020.

That's according to figures released by the UAE Central Bank, which said 76 per cent of this amount was transferred through money exchange companies and the rest via banks.

Remittances during the first quarter of this year reached AED 41.4 billion, while AED 38.2 billion was remitted in the second quarter.

India was the top receiving country, followed by the Philippines, Pakistan, Bangladesh, Egypt and the US.

More from Business News

UAE and Costa Rica sign economic partnership deal

The UAE and Costa Rica have signed a Comprehensive Economic Partnership Agreement (CEPA) to improve bilateral trade and investment ties, President His Highness Sheikh Mohammed bin Zayed Al Nahyan said on Thursday.
Dubai-based Telegram app to hit 1 billion users 'within a year'

The Telegram messaging app, one of the most popular social media platforms, will likely cross one billion active monthly users within a year as it is spreading like "forest fire", its billionaire founder Pavel Durov said on Tuesday.
Microsoft invests $1.5 billion in Abu Dhabi AI company G42

G42, the leading UAE-based artificial intelligence (AI) technology holding company, has announced a $1.5 billion investment from Microsoft to strengthen it's expansion into new markets across the globe.
Spinneys announces intention to float on Dubai Financial Market

Spinneys Holding has announced its intention to proceed with an initial public offering (IPO) and to list its ordinary shares for trading on the Dubai Financial Market.