Arab economies boosted by ex­pats

7 Days in Dubai - - BUSINESS - @7DAYSUAE

Re­mit­tances from Egyp­tian and Jor­da­nian ex­pats are play­ing a ma­jor role in their coun­tries’ economies, ac­cord­ing to new data, with more than $2 bil­lion (Dhs7 bil­lion) sent home last year.

Dubai-based Xpress Money high­lighted World Bank fig­ures show­ing just how valu­able earn­ings made in the UAE and the MENA re­gion are to the two Arab states.

In 2015, Egypt re­ceived an es­ti­mated $19.7 bil­lion (Dhs72.3 bil­lion) in re­mit­tances from across the world, of which $1.83 bil­lion (Dhs6.7 bil­lion) came from the UAE.

Mean­while, Jordan re­ceived $3.8 bil­lion (Dhs14 bil­lion) from coun­tries across the globe, with the UAE con­tribut­ing $716 mil­lion (Dhs2.2 bil­lion) to the to­tal.

Re­mit­tances play an im­por­tant part in both coun­tries’ economies, con­tribut­ing 6.8 per cent to Egypt’s GDP (by 2014 fig­ures) and 10.4 per cent to Jordan’s GDP.

The UAE is home to about 300,000 Egyp­tians - the largest sin­gle ex­pat Arab com­mu­nity.

Xpress Money, which han­dles money By 7DAYS News Team ex­change and re­mit­tances, said the in­flux is “spurring busi­ness op­por­tu­ni­ties, in­vest­ments and a bet­ter qual­ity of life”.

“The UAE is a very ac­tive hub for re­mit­tances to non-GCC coun­tries in the MENA re­gion”, said Xpress Money’s COO Sud­hesh Giriyan.

“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.”

Last month, the World Bank said that In­dia re­tained its top spot as the coun­try with the high­est in­come from re­mit­tances, at­tract­ing about $69 bil­lion (Dhs253 bil­lion) in re­mit­tances.

Other large re­cip­i­ents in 2015 were China, with $64 bil­lion, the Philip­pines ($28 bil­lion), Mex­ico ($25 bil­lion), and Nige­ria ($21 bil­lion).

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