UAE expat remittances hit $33bn in nine months
Asian workers, accounting for 82% of the total labour force in the country, sent 51% of total remittances during Q3
Expats remittances from the UAE amounted to $33 billion (AED121.1bn) during the first nine months of the year, according to a report by the UAE Central Bank.
The figure represented a 2 percent growth on the corresponding period in 2016, up AED118.6 billion last year.
The Central Bank said $24.5bn (AED90.3bn) was transferred through money exchange companies, with the remainder sent through banks.
The amount of money sent by expats to their home countries jumped 14 percent, to $11.79bn (AED43.3bn), with 72 percent of that amount transferred through exchange firms.
India was named as the country that saw the most amount of money received from UAE expats during Q3, with $4.2bn (AED15.46bn) sent during the three months, which accounted for 36 percent of all remittances sent during the quarter.
They are followed by Pakistani beneficiaries who received 8.7 percent of total remittances, then Filipinos in the third place with 6.7 percent, while Egyptians make up 4.8 percent and US nationals 4.1 percent.
Other countries in the top ten include Britons (3.7%), Jordanians (3.1%), Bengalis (2.9%), Swiss nationals (2.4%) and Lebanese (1.8%).
According to Central Bank figures, Asian workers account for 82 percent of the total labour force in the country, sending 51 percent of total remittances during Q3.
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