Page 94 - 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.

“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.”

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