In 2022, over half of the AED 145.7 billion sent overseas from the United Arab Emirates (UAE) was received by three countries, India, Pakistan, and the Philippines.
These figures are based on data from the Central Bank of UAE (CBUAE). India stood out by becoming the first country ever to receive over $100 billion in overseas remittances in a year, as per World Bank data.
Indians in UAE sent AED 44.438 billion, around 30.5% of all money sent overseas from the country, making UAE the second biggest source of remittances for India, following the United States (US).
Pakistan received 12.2% of the remittances from the UAE, amounting to AED 17.775 billion. The Philippines was third, receiving 8.4% (AED 12.238 billion).
In simpler terms, remittances are funds sent by people living abroad to their families or friends back home.
In its 2022 Financial Stability Report, the CBUAE mentioned that the total money sent abroad from the UAE fell slightly by 1.4% to AED 145.7 billion.
These transfers were mainly personal remittances (AED 105.9 billion), followed by trade remittances (AED 28.5 billion), other remittances (AED 10.6 billion), and investment remittances (AED 0.7 million). Despite this, the CBUAE stated the UAE’s financial system remains sturdy, ready to support the local economy.
Gulf overseas are the asset. govt should make good policies for them.
Most of the gulf remittances sent via hundi/hawala. This is only temporarily because hundi guys are now a days more focused on usd rather than other currencies. Govt actually backing up hundi channel by reducing the interbank rate to that banks and their investors park as many dollar before it jumps to 300 mark in interbank.