Foreign exchange and money transfer company Al Ansari Exchange recorded a surge in foreign currency exchange transactions made by non-residents during the first 10 days of October, which coincided with the start of Expo 2020 Dubai.
The number of foreign currency purchase transactions by visitors during the period increased by 69 per cent compared with the same period last month, Al Ansari Exchange said in a statement on Wednesday.
The number of foreign currency purchase transactions by visitors in the first 10 days of October was also 9 per cent higher than for the same period in 2019, it added.
“The data demonstrates that the currency exchange sector in the UAE has already begun to experience the positive impact of Dubai Expo 2020, enabling the industry to better position itself for a stronger comeback from the pandemic,” Rashed Al Ansari, chief executive of Al Ansari Exchange, said.
“Apart from the Expo, other factors such as the resumption of flights, especially from India and Saudi Arabia, the return of in-person conferences and events and growing economic activities in the country also played a major role in the growth of money exchange transactions.”
Outward personal remittances from the UAE dropped by 5 per cent – or Dh8.3 billion ($2.26bn) – year-on-year in 2020, according to the Central Bank of the UAE’s annual report. Transfers through exchange houses fell by Dh18.1bn or 13.8 per cent, but outward remittances through banks increased by Dh9.8bn or 28.8 per cent, the report said.
Expo 2020 Dubai, which runs until March 31 2022, recorded more than 400,000 visitors in the first 10 days, figures show. From October 1 to 10, a total of 411,768 ticketed visits were recorded – with one in three visitors having come from abroad.
Dubai Tourism said that it expects Expo 2020 to host more than 25 million local and foreign visitors in its six-month run.
“We project exponential growth in the coming months leading up to holiday season and the conclusion of the premier world exposition in Dubai in 2022,” Mr Al Ansari added.
Al Ansari Exchange accounts for more than 36 per cent of the UAE's remittance market and conducts at least 120,000 transactions per day, according to the statement.
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Company profile
Name: Back to Games and Boardgame Space
Started: Back to Games (2015); Boardgame Space (Mark Azzam became co-founder in 2017)
Founder: Back to Games (Mr Azzam); Boardgame Space (Mr Azzam and Feras Al Bastaki)
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Industry: Back to Games (retail); Boardgame Space (wholesale and distribution)
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Growth: Back to Games: from 300 products in 2015 to 7,000 in 2019; Boardgame Space: from 34 games in 2017 to 3,500 in 2019
UAE currency: the story behind the money in your pockets
What can victims do?
Always use only regulated platforms
Stop all transactions and communication on suspicion
Save all evidence (screenshots, chat logs, transaction IDs)
Report to local authorities
Warn others to prevent further harm
Courtesy: Crystal Intelligence
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Sinan Antoon
(Yale University Press)
UPI facts
More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions
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