National Bank of Abu Dhabi (NBAD) has signed an agreement with MoneyGram International to allow customers to send money home using mobile phones.
When the service is introduced customers will be able to send money directly from their accounts with the touch of a few buttons.
They will also be able to send money home from pre-paid cards after MoneyGram's systems are integrated with NBAD's existing Arrow mobile phone transfer service.
"An overwhelming majority of expatriates in the UAE remit money to their families in their home countries," said Saif al Shehhi, the senior general manager of domestic banking at NBAD.
"The bank wanted to bring to the market a product that serves this large demographic. We worked very methodically for more than a year with our partners to fine-tune the Arrow service to ready it for consumers to use it to conduct international remittances."
The move is the latest in a number of similar investments by UAE-based banks and money exchange companies.
An executive at Western Union, the global money-transfer giant, said last month the company planned to invest heavily this year in mobile transfer services.
Western Union has already tested mobile-based transactions between the UAE and the Philippines in partnerships with Wall Street Exchange and Orient Exchange.
Etisalat, the UAE's largest mobile phone operator, said in January it would offer a similar service for Indian expatriates.
The service may challenge the exchange houses and banks that dominate the UAE's lucrative remittance business.
The World Bank says between US$15 billion (Dh55.09bn) and $20bn was sent from the UAE to foreign countries last year.
Banks, exchange houses and telecommunications companies see mobile transfer services, and mobile banking in general, as major avenues for expansion.
The UAE has one of the highest mobile phone penetration rates in the world, with about two phones for each person.
Industry observers expect mobile devices to be used significantly as electronic wallets in the Middle East, where credit card adoption is lower than in developed regions.
This month, Mashreqbank offered its online remittance service over its mobile banking platform to customers free.
"Developing markets have found the right formula for mobile money services, [providing] functions that users want and an ecosystem that can sustain the service," said Sandy Shen, the research director at the technology consultancy Gartner.
Qatar Telecom has also announced it will launch mobile remittance this year.
The value of mobile payments is forecast to reach almost $630bn by 2014, up from $170bn this year, according to Jupiter Research.
afitch@thenational.ae
dgeorgecosh@thenational.ae
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.
The specs
Price: From Dh529,000
Engine: 5-litre V8
Transmission: Eight-speed auto
Power: 520hp
Torque: 625Nm
Fuel economy, combined: 12.8L/100km
Formula Middle East Calendar (Formula Regional and Formula 4)
Round 1: January 17-19, Yas Marina Circuit – Abu Dhabi
Round 2: January 22-23, Yas Marina Circuit – Abu Dhabi
Round 3: February 7-9, Dubai Autodrome – Dubai
Round 4: February 14-16, Yas Marina Circuit – Abu Dhabi
Round 5: February 25-27, Jeddah Corniche Circuit – Saudi Arabia
A MINECRAFT MOVIE
Director: Jared Hess
Starring: Jack Black, Jennifer Coolidge, Jason Momoa
Rating: 3/5
FIXTURES
Fixtures for Round 15 (all times UAE)
Friday
Inter Milan v AS Roma (11.45pm)
Saturday
Atalanta v Verona (6pm)
Udinese v Napoli (9pm)
Lazio v Juventus (11.45pm)
Sunday
Lecce v Genoa (3.30pm)
Sassuolo v Cagliari (6pm)
SPAL v Brescia (6pm)
Torino v Fiorentina (6pm)
Sampdoria v Parma (9pm)
Bologna v AC Milan (11.45pm)
The White Lotus: Season three
Creator: Mike White
Starring: Walton Goggins, Jason Isaacs, Natasha Rothwell
Rating: 4.5/5
MATCH INFO
Uefa Champions League, semi-final result:
Liverpool 4-0 Barcelona
Liverpool win 4-3 on aggregate
Champions Legaue final: June 1, Madrid
Killing of Qassem Suleimani
Killing of Qassem Suleimani
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
The smuggler
Eldarir had arrived at JFK in January 2020 with three suitcases, containing goods he valued at $300, when he was directed to a search area.
Officers found 41 gold artefacts among the bags, including amulets from a funerary set which prepared the deceased for the afterlife.
Also found was a cartouche of a Ptolemaic king on a relief that was originally part of a royal building or temple.
The largest single group of items found in Eldarir’s cases were 400 shabtis, or figurines.
Khouli conviction
Khouli smuggled items into the US by making false declarations to customs about the country of origin and value of the items.
According to Immigration and Customs Enforcement, he provided “false provenances which stated that [two] Egyptian antiquities were part of a collection assembled by Khouli's father in Israel in the 1960s” when in fact “Khouli acquired the Egyptian antiquities from other dealers”.
He was sentenced to one year of probation, six months of home confinement and 200 hours of community service in 2012 after admitting buying and smuggling Egyptian antiquities, including coffins, funerary boats and limestone figures.
For sale
A number of other items said to come from the collection of Ezeldeen Taha Eldarir are currently or recently for sale.
Their provenance is described in near identical terms as the British Museum shabti: bought from Salahaddin Sirmali, "authenticated and appraised" by Hossen Rashed, then imported to the US in 1948.
- An Egyptian Mummy mask dating from 700BC-30BC, is on offer for £11,807 ($15,275) online by a seller in Mexico
- A coffin lid dating back to 664BC-332BC was offered for sale by a Colorado-based art dealer, with a starting price of $65,000
- A shabti that was on sale through a Chicago-based coin dealer, dating from 1567BC-1085BC, is up for $1,950
COMPANY%20PROFILE
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The specs
AT4 Ultimate, as tested
Engine: 6.2-litre V8
Power: 420hp
Torque: 623Nm
Transmission: 10-speed automatic
Price: From Dh330,800 (Elevation: Dh236,400; AT4: Dh286,800; Denali: Dh345,800)
On sale: Now
