Sheikh Mohamed bin Zayed, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, met Sheikh Hamad bin Mohammed Al Sharqi, Ruler of Fujairah, on Saturday.
The leaders exchanged greetings to celebrate Eid Al Fitr.
During their meeting at Al Rumaila Palace in Fujairah, they discussed development in the UAE and the ongoing journey of the nation.
Hopes were expressed to further progress the UAE under the President, Sheikh Khalifa, before prayers were said for his blessing.
The meeting was attended by Deputy Prime Minister and Minister of Presidential Affairs Sheikh Mansour bin Zayed and the Crown Prince of Fujairah, Sheikh Mohammed bin Hamad Al Sharqi.
The Crown Prince also met Sheikh Saud bin Saqr Al Qasimi, Ruler of Ras Al Khaimah, to exchange Eid greetings.
They met at Jebel Jais Mountain Lounge, where Sheikh Mohammed bin Saud Al Qasimi, Crown Prince of Ras Al Khaimah, was also in attendance.
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Why it pays to compare
A comparison of sending Dh20,000 from the UAE using two different routes at the same time - the first direct from a UAE bank to a bank in Germany, and the second from the same UAE bank via an online platform to Germany - found key differences in cost and speed. The transfers were both initiated on January 30.
Route 1: bank transfer
The UAE bank charged Dh152.25 for the Dh20,000 transfer. On top of that, their exchange rate margin added a difference of around Dh415, compared with the mid-market rate.
Total cost: Dh567.25 - around 2.9 per cent of the total amount
Total received: €4,670.30
Route 2: online platform
The UAE bank’s charge for sending Dh20,000 to a UK dirham-denominated account was Dh2.10. The exchange rate margin cost was Dh60, plus a Dh12 fee.
Total cost: Dh74.10, around 0.4 per cent of the transaction
Total received: €4,756
The UAE bank transfer was far quicker – around two to three working days, while the online platform took around four to five days, but was considerably cheaper. In the online platform transfer, the funds were also exposed to currency risk during the period it took for them to arrive.
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