World Economy

UAE Expats Send Home $19b

UAE Expats Send Home $19bUAE Expats Send Home $19b

The remittance industry in the UAE, which is estimated around Dh55 billion ($19 billion), flourished in 2015 despite over 50% decline in oil prices. Remittances from the UAE are expected to cross $19.5 billion this year, according to an industry specialist, Albawaba reported. “In the coming years, including next year, we see durable growth potential for the UAE money exchange industry,” LuLu International Exchange chief executive officer Adeeb Ahamed told Khaleej Times in an interview. The UAE is the third largest market globally in terms of remittances after the US and Saudi Arabia.