Remittances from UAE play an important role in Egypt & Jordan economies

UAE remittances to Egypt hit USD 1.83 billion in 2015 with Jordan following at USD 716 million

Dubai, UAE, May 29, 2016:   World Bank Group remittance data sees Egypt and Jordan emerge as key receivers of remittances within the MENA region. In 2015, Egypt received an estimated USD 19.7 billion in remittances from the world over, of which USD 1.83 billion came from the UAE. Meanwhile, Jordan received USD 3.8 billion from countries across the globe, with the UAE contributing USD 716 million to the total. Remittances play an important part in both countries’ economies, contributing 6.8% to Egypt’s GDP (2014) and 10.4% to Jordan’s, while spurring business opportunities, investments and a better quality of life. 

A 2015 BQ Magazine report estimates that 400,000 Egyptians reside in the UAE, making them the largest Arab expatriate community in the country. There are also approximately 200,000 Jordanians residing in the country. Remittances to Jordan and Egypt are expected to stay robust as the UAE moves towards hosting global events such as the Expo2020 world exhibition, which will attract 25 million visitors and also generate employment opportunities for non-GCC Arab nationals.

“The UAE is a very active hub for remittances to non-GCC countries in the MENA region. The country’s multinational mix and vibrant economy, creates opportunities for large expatriate Arab populations. Remittances from the UAE to countries in the MENA region and Asia have been growing year on year, and we are expecting it to accelerate as we approach 2020,” says Xpress Money’s COO Sudhesh Giriyan.

“We have invested heavily in our presence in the UAE with close to 500 locations across the country facilitating convenient money transfers. We are also ensuring that remitters benefit from low overheads when sending money from the UAE to friends and families back home. Our customers enjoy the market’s lowest transfer fees, starting at AED 15, and attractive exchange rates. Xpress Money’s customer-centric approach has helped us grow into a trusted brand linking communities across the UAE, Egypt and Jordan,” added Giriyan.