Tag Archives: remittances

India was the leading destination for outward personal remittances from the UAE during 2018, according to figures included in the annual report of the UAE Central Bank, released this week. An analysis of the Central Bank report carried in the Abu Dhabi daily newspaper, The National, showed that 38.1 percent …

Remittances, which are essentially the money earned abroad and sent home by expatriate workers to their families, are the backbone of some economies outside the Gulf. Remitted funds are mainly used to cover the costs of basic expenses of dependents, including housing, food, education and medical bills. They also boost …

Some money changers in UAE are appealing a recent decision by the Central Bank to prohibit them from doing remittance transactions. UAE resident have been advised that they can no longer transfer money or receive salaries through at least seven exchange houses. The UAE Central Bank confirmed on Monday that …

Kuwait Parliament’s financial and economic affairs committee approved bills on Sunday stipulating fees on expatriates’ financial remittances to parties outside the country. Kuwait News Agency (KUNA) quoted MP Salah Khorshed, the committee chairperson, as saying in a statement that the commission approved the bills with consent of two-thirds of the members …

Expatriates in the UAE continue to send more of their earnings back to their home countries as the US dollar holds strong against several currencies, with remittances in the last quarter alone reaching Dh43.2 billion. According to the figures released by the UAE Central Bank, outgoing money transfers went up by Dh1 …

by Mohammad Zayed* — In a historic step towards economic and social reforms following the falling of oil prices by more than 50%, Saudi Arabia’s King Salman bin Abdulaziz has recently declared the lifting of the long-standing ban on women driving in the kingdom (the only country in the world that …