Expats in the UAE sent more than $22 billion home in the first half of this year, according to new figures by the country’s Central Bank.
It revealed that $8.9 billion was predominantly transferred through money exchange companies, while the remaining was sent through banks across the UAE.
The UAE has more than 3.3 million expats residing in the country the Embassy of India in Abu Dhabi revealed on its official website.
India was also crowned as the top expat beneficiary from the UAE for two consecutive years, accounting for 37.2% of the total money transfer during the second quarter.
The other major beneficiaries that made it to the list include Pakistanis (10.5%), Filipinos (7.2%), and Egyptians (6.3%). UK nationals make up 3.85% followed by Bangladeshis and Americans, respectively.
However, the latest data from the UAE's Central Bank revealed that total expat remittance saw an 8% drop this year, from $23.9 billion in H1 2018.
In the first three months of 2018, the amount of payments transferred by expats fell from $11.8 billion. During the same time this year, it declined to $10.5 billion.
Additionally, the second quarter saw a decline in remittance, from just over $12 billion in 2018 to $11.5 billion in 2019. This is reportedly a result of a slowdown in employment in the country.
Overall, these are the top 10 expat remittances senders in the UAE:
- Indians (37.2%)
- Pakistanis (10.5%)
- Filipinos (7.2%)
- Egyptians (6.3%)
- British (3.8%)
- Bangladeshis (3.7 %)
- Americans (3.3%)
- Jordanians (2.6%)
- Swiss (2.2%)
- Chinese (1.5%)