#remittances
Remittances to the developing countries of the MENA region are estimated to have grown 2.5 per cent in 2022 to $63bn, compared to a 10.5 per cent growth last year
The value of the trade exchange between Egypt and the UAE increased to about $1.2bn during the first quarter of 2022, an increase of 1.4 per cent over the same period in 2021
Lawmakers have called for a 2.5 per cent fee on all money transfers out of the country
Xare allows users share access to their account and credit card with friends and family
India was the biggest recipient country of these remittances followed by the Philippines, Pakistan, Bangladesh, Egypt, and the US
UAE-based LuLu Exchange contributes to nearly 1.7 per cent of the global remittance inflows, reveals Ahamed
The top five destination countries for remittances were India, Pakistan, Philippines, Egypt and the US
UAE Exchange, which operates more than 100 branches across the country, stopped all transactions in March
The US has long been the top source for outflows, with other major countries including the United Arab Emirates, Saudi Arabia, Switzerland, Germany and Russia