Page 79 - AAE PR REPORT - January 2025

Tech, promotions fuel surge in UAE-India

remittances

In the past year, exchange houses across the country have reported an

increase in transactions between the UAE and India and it looks as though the
remittance sector is in for another bumper year.

“Wall Street Exchange experienced significant growth in remittances between
the UAE and India, with over 50 per cent year-on-year growth,” says Malaz

Mubaid, COO and Acting CEO, Wall Street Exchange Centre.

“The UAE-India remittance sector is thriving owing to a confluence of factors.

Primarily, the UAE’s robust economy, with its high GDP per capita and demand
for workforce, particularly in sectors like construction and hospitality. This
large diaspora forms the backbone of remittance flows,” says Al Najjar.

“In addition to that, technological advancements have revolutionised the

sector. The rise of digital solutions has made sending money home faster,
more convenient, and often more cost-effective, with the supportive

government policies playing a crucial role.

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“The UAE-India Comprehensive Economic Partnership Agreement (CEPA)
enhances financial ties, while regulatory frameworks in both countries ensure

secure and efficient cross-border transfers. Financial inclusion initiatives in
India are making banking services more accessible, particularly in rural areas.”

Ali Al Najjar, Chief Operating Officer, Al Ansari Exchange

https://www.msn.com/en-gb/money/other/tech-promotions-fuel-surge-in-uae-india-
remittances/ar-
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