Female expatriates in the UAE are more likely to remit a higher proportion of their salaries compared with men despite the gender wage gap, according to new data by the Foreign Exchange and Remittance Group (FERG).
On average, women remit between Dh1,500 and Dh2,000 per month to support their families and pay for education and healthcare, said FERG, which collected data from its member exchange and remittance companies.
“Women represented 25 per cent of remitters in the UAE in 2020,” the report added. “The data also revealed that remittances by Asian women in the UAE saw the most significant year-on-year growth, followed by Arab and African women, respectively.”
The report did not provide comparative figures for men.
Remittances are an important source of household income and foreign exchange inflows in developing countries, with women making up almost half of the 244 million people who live and work outside their country of birth, UN Women said in its 2020 Migrant Women & Remittances report.
“Importantly, this research found that while women typically earn less than men and pay more in transfer fees, the average remittance amounts they send are the same as or even greater than those of men,” UN Women said in the report.
Meanwhile, the top corridors with the highest remittances carried out by women in the UAE included the Philippines, India, Pakistan, Nepal, Sri Lanka, Indonesia, Egypt, Morocco and Uganda, the FERG report said.
“Female migrants make up approximately half of all the global migrant workforce and, therefore, their contribution to the global economy is of paramount importance,” Mohamed Al Ansari, chairman of FERG, said.
Al Fardan Exchange reported a 12.6 per cent increase in remittances by women in 2020 compared with the previous year, while Lulu Exchange said the number of women sending money home rose 2.63 per cent.
“Developing more financial products and services customised for women, aid in financial management and access to technology to avail online services is the need of the hour,” said Adeeb Ahamed, vice chairman of FERG said.
In October, the World Bank said global remittances would fall 14 per cent by 2021 compared with pre-Covid-19 levels in 2019. The Washington-based lender projected global remittances would decline 7 per cent to $508 billion in 2020 and 7.5 per cent to $470bn in 2021. This compares with the 2008 global financial crisis, when remittances fell about 5 per cent.
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Joker: Folie a Deux
Starring: Joaquin Phoenix, Lady Gaga, Brendan Gleeson
Director: Todd Phillips
Rating: 2/5
Tearful appearance
Chancellor Rachel Reeves set markets on edge as she appeared visibly distraught in parliament on Wednesday.
Legislative setbacks for the government have blown a new hole in the budgetary calculations at a time when the deficit is stubbornly large and the economy is struggling to grow.
She appeared with Keir Starmer on Thursday and the pair embraced, but he had failed to give her his backing as she cried a day earlier.
A spokesman said her upset demeanour was due to a personal matter.
F1 The Movie
Starring: Brad Pitt, Damson Idris, Kerry Condon, Javier Bardem
Director: Joseph Kosinski
Rating: 4/5
Real estate tokenisation project
Dubai launched the pilot phase of its real estate tokenisation project last month.
The initiative focuses on converting real estate assets into digital tokens recorded on blockchain technology and helps in streamlining the process of buying, selling and investing, the Dubai Land Department said.
Dubai’s real estate tokenisation market is projected to reach Dh60 billion ($16.33 billion) by 2033, representing 7 per cent of the emirate’s total property transactions, according to the DLD.
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if you go
The flights
Etihad, Emirates and Singapore Airlines fly direct from the UAE to Singapore from Dh2,265 return including taxes. The flight takes about 7 hours.
The hotel
Rooms at the M Social Singapore cost from SG $179 (Dh488) per night including taxes.
The tour
Makan Makan Walking group tours costs from SG $90 (Dh245) per person for about three hours. Tailor-made tours can be arranged. For details go to www.woknstroll.com.sg
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
UAE currency: the story behind the money in your pockets
How will Gen Alpha invest?
Mark Chahwan, co-founder and chief executive of robo-advisory firm Sarwa, forecasts that Generation Alpha (born between 2010 and 2024) will start investing in their teenage years and therefore benefit from compound interest.
“Technology and education should be the main drivers to make this happen, whether it’s investing in a few clicks or their schools/parents stepping up their personal finance education skills,” he adds.
Mr Chahwan says younger generations have a higher capacity to take on risk, but for some their appetite can be more cautious because they are investing for the first time. “Schools still do not teach personal finance and stock market investing, so a lot of the learning journey can feel daunting and intimidating,” he says.
He advises millennials to not always start with an aggressive portfolio even if they can afford to take risks. “We always advise to work your way up to your risk capacity, that way you experience volatility and get used to it. Given the higher risk capacity for the younger generations, stocks are a favourite,” says Mr Chahwan.
Highlighting the role technology has played in encouraging millennials and Gen Z to invest, he says: “They were often excluded, but with lower account minimums ... a customer with $1,000 [Dh3,672] in their account has their money working for them just as hard as the portfolio of a high get-worth individual.”
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