The average amount being remitted by UAE expatriate residents ranges between Dh1,000 to Dh1,999 this year, according to survey findings by yallacompare. Victor Besa / The National
The average amount being remitted by UAE expatriate residents ranges between Dh1,000 to Dh1,999 this year, according to survey findings by yallacompare. Victor Besa / The National
The average amount being remitted by UAE expatriate residents ranges between Dh1,000 to Dh1,999 this year, according to survey findings by yallacompare. Victor Besa / The National
The average amount being remitted by UAE expatriate residents ranges between Dh1,000 to Dh1,999 this year, according to survey findings by yallacompare. Victor Besa / The National

Remittances by UAE expats amount to Dh79.6bn in first half of 2020


Deepthi Nair
  • English
  • Arabic

Outward personal remittances by expats in the UAE edged down to Dh79.6 billion in the first six months of 2020 compared with Dh80.96bn in the previous corresponding period, according to the Central Bank of the UAE.

However, remittances in the first half of 2020 already account for 48.2 per cent of the total money transferred by UAE expats during 2019, which totalled Dh165bn.

Global remittances could fall as much as 20 per cent this year due to the Covid-19 crisis impacting migrant workers, resulting in lower salaries and job losses, the World Bank said in April.

There is an overall drop in the number of remittances in 2020

"There is an overall drop in the number of remittances in 2020," Rajiv Raipancholia, chief executive of Orient Exchange, told The National. "We have seen a significant drop of 30 per cent from March to August 2020 when compared with March to August 2019.

According to the World Bank, global remittances will drop to $572bn in 2020 from $714bn in 2019, marking the steepest decline in at least 30 years. By comparison, remittances decreased by only about 5 per cent in 2009 following the global financial crisis.

From January to March, UAE expats remitted Dh41.4bn, but this dropped to Dh38.2bn in the second quarter of this year, according to data released today by the Central Bank.

A major chunk of remittances (76 per cent) was transferred through money exchange companies and the rest through banks in the UAE.

India was the top-receiving country for remittances made by UAE expats, followed by the Philippines, Pakistan, Bangladesh, Egypt and the US.

In 2019, the top five remittance recipient countries globally were India ($83.1bn), China ($68.4bn), Mexico ($38.5bn), the Philippines ($35.2bn) and Egypt ($26.8bn), according to the World Bank.

Company Profile:

Name: The Protein Bakeshop

Date of start: 2013

Founders: Rashi Chowdhary and Saad Umerani

Based: Dubai

Size, number of employees: 12

Funding/investors:  $400,000 (2018) 

Dubai works towards better air quality by 2021

Dubai is on a mission to record good air quality for 90 per cent of the year – up from 86 per cent annually today – by 2021.

The municipality plans to have seven mobile air-monitoring stations by 2020 to capture more accurate data in hourly and daily trends of pollution.

These will be on the Palm Jumeirah, Al Qusais, Muhaisnah, Rashidiyah, Al Wasl, Al Quoz and Dubai Investment Park.

“It will allow real-time responding for emergency cases,” said Khaldoon Al Daraji, first environment safety officer at the municipality.

“We’re in a good position except for the cases that are out of our hands, such as sandstorms.

“Sandstorms are our main concern because the UAE is just a receiver.

“The hotspots are Iran, Saudi Arabia and southern Iraq, but we’re working hard with the region to reduce the cycle of sandstorm generation.”

Mr Al Daraji said monitoring as it stood covered 47 per cent of Dubai.

There are 12 fixed stations in the emirate, but Dubai also receives information from monitors belonging to other entities.

“There are 25 stations in total,” Mr Al Daraji said.

“We added new technology and equipment used for the first time for the detection of heavy metals.

“A hundred parameters can be detected but we want to expand it to make sure that the data captured can allow a baseline study in some areas to ensure they are well positioned.”

Benefits of first-time home buyers' scheme
  • Priority access to new homes from participating developers
  • Discounts on sales price of off-plan units
  • Flexible payment plans from developers
  • Mortgages with better interest rates, faster approval times and reduced fees
  • DLD registration fee can be paid through banks or credit cards at zero interest rates
ADCC AFC Women’s Champions League Group A fixtures

October 3: v Wuhan Jiangda Women’s FC
October 6: v Hyundai Steel Red Angels Women’s FC
October 9: v Sabah FA

UAE currency: the story behind the money in your pockets
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
How much of your income do you need to save?

The more you save, the sooner you can retire. Tuan Phan, a board member of SimplyFI.com, says if you save just 5 per cent of your salary, you can expect to work for another 66 years before you are able to retire without too large a drop in income.

In other words, you will not save enough to retire comfortably. If you save 15 per cent, you can forward to another 43 working years. Up that to 40 per cent of your income, and your remaining working life drops to just 22 years. (see table)

Obviously, this is only a rough guide. How much you save will depend on variables, not least your salary and how much you already have in your pension pot. But it shows what you need to do to achieve financial independence.

 

House-hunting

Top 10 locations for inquiries from US house hunters, according to Rightmove

  1. Edinburgh, Scotland 
  2. Westminster, London 
  3. Camden, London 
  4. Glasgow, Scotland 
  5. Islington, London 
  6. Kensington and Chelsea, London 
  7. Highlands, Scotland 
  8. Argyll and Bute, Scotland 
  9. Fife, Scotland 
  10. Tower Hamlets, London 

 

RESULT

Wolves 1 (Traore 67')

Tottenham 2 (Moura 8', Vertonghen 90 1')

Man of the Match: Adama Traore (Wolves)

WHAT IS A BLACK HOLE?

1. Black holes are objects whose gravity is so strong not even light can escape their pull

2. They can be created when massive stars collapse under their own weight

3. Large black holes can also be formed when smaller ones collide and merge

4. The biggest black holes lurk at the centre of many galaxies, including our own

5. Astronomers believe that when the universe was very young, black holes affected how galaxies formed

HWJN
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FIXTURES

Monday, January 28
Iran v Japan, Hazza bin Zayed Stadium (6pm)

Tuesday, January 29
UAEv Qatar, Mohamed Bin Zayed Stadium (6pm)

Friday, February 1
Final, Zayed Sports City Stadium (6pm)

The burning issue

The internal combustion engine is facing a watershed moment – major manufacturer Volvo is to stop producing petroleum-powered vehicles by 2021 and countries in Europe, including the UK, have vowed to ban their sale before 2040. The National takes a look at the story of one of the most successful technologies of the last 100 years and how it has impacted life in the UAE.

Part three: an affection for classic cars lives on

Read part two: how climate change drove the race for an alternative 

Read part one: how cars came to the UAE

The Sand Castle

Director: Matty Brown

Stars: Nadine Labaki, Ziad Bakri, Zain Al Rafeea, Riman Al Rafeea

Rating: 2.5/5

RESULTS

Argentina 4 Haiti 0

Peru 2 Scotland 0

Panama 0 Northern Ireland 0