Page 90 - AAE PR REPORT - January 2025

Al Ansari Exchange counts on geopolitical

stability and oil prices to drive remittance growth

Rashed Al Ansari, group chief executive of Al Ansari Financial Services, says a strengthening US
dollar has supported UAE remittances. Photo: Al Ansari Financial Services
The parallel market and unlicensed FinTechs pose the biggest challenges to UAE exchange
houses, group chief executive Rashed Al Ansari says

January 24, 2025

Geopolitical stability in the region and oil prices will help drive the growth of remittances as they
reduce currency fluctuations and support economic development, according to Rashed Al
Ansari, group chief executive of Al Ansari Financial Services.

This will drive higher expenditure by governments and investors, which will increase population
growth in the region and “directly impact our line of business”, he told The National in an
interview.

“The geopolitical situation in the region has had an impact on our wholesale business. Although
a boom in UAE tourism helped drive foreign currency sales, we have seen some reduction in the
supply of foreign currency to banks around the region because of geopolitical tensions
and exchange rate fluctuations,” Mr Al Ansari said.

On The Money
Make money work for you with news, features and expert analysis

Sign up

By signing up, I agree to The National's privacy policy

https://www.thenationalnews.com/business/money/2025/01/24/remittance-uae-al-ansari/