Ministry of Health: 401 New Confirmed Cases of COVID-19 Reported in Saudi Arabia    SDAIA, Alibaba Cloud Announce MoU for Driving KSA Smart Cities Innovation through Artificial Intelligence    Saudi Arabia Hosts Consultative Meeting to Discuss a Proposed UN Advisory Body for Artificial Intelligence    UAE hits new daily COVID-19 record with 1,578 new cases    LCGPA sets the path for effective Local Content Agenda    Saudi Arabia and Hungary sign deals on air transport services and water management    W20 challenges G20 leaders to close the gap between imagination and reality on women's equality    Global AI Summit 2nd Day Witnesses Establishment of 3 Strategic Partnerships    Jordanian Stocks Fall    Healthcare Leadership Academy Recognized by ACHE as 1st Accredited Training Center in Saudi Arabia    Collapsing consumer demand amid lockdowns cripple Asia-Pacific garment industry, says ILO    A few ‘green shoots', but future of global trade remains deeply uncertain: UNCTAD    Guterres underscores value of UN partnerships in Southeast Asia    Environmental factors behind 15% of deaths in Mediterranean: UN report    Migrants essential to recovery of global development post-COVID-19: UN study    Saudi Press: Saudi Arabia Hosts Global AI Summit    Weather Forecast for Thursday    COVID-19 and travel outside Saudi Arabia    Sharjah Film Platform to feature over 60 films    Combining the love of football with humor on Twitter    UAE Cabinet approves amendments to provisions of bankruptcy law    Dubai Sports Council, UEFA discuss mutual cooperation    U.K. Trade Chief to Visit Japan to Sign Post-Brexit Deal on Friday    Arab world's modern-day cultural pioneers, intellectuals to convene at SIBF 2020    S. Korea Vows to Join IMF's Move to Help Low-Income Nations Hit by pandemic    Saudi Arabia Sets Out Strategy to Become A World Leader in Artificial Intelligence by 2030    Saudi Arabia to make golf free for women in world-first initiative    MoH Marks World Osteoporosis Day 2020    Worldwide Coronavirus Cases Cross 40.62 Million, Death Toll at 1,120,183    Saudi Cabinet condemns terror attack in France, calls for confronting hate speech    Saudi man accused of harassing foreign wife asked to be produced before court Court allows divorce, custody of children by mother    Saudi Arabia leading GCC entries in 10th annual ‘Moments' competition    Man United, Liverpool in talks to join new European super league    KSrelief, IMC, sign cooperation deal    Players in Prince Muhammad Bin Salman Cup don jerseys with names written in Arabic script    KSrelief, IMC, Sign Memorandum of Cooperation    Napoli blast four goals as they thumped Atlanta 4-1    VAR foils Liverpool in derby draw with Everton    Ithra to Launch 3rd Creativity Season (Tanween)    MoH Calls on Groups of Patients to Postpone Umrah Performance    Red Sea International Film Festival Announces a New Short Film Competition    S. P. Bala, legendary Indian singer, dead at 74    Happy National Day 90    Every work has its fruits, so choose wisely    Eid Al-Adha Prayer Performed at the Grand Holy Mosque    Pilgrims Perform Dhuhr and Asr Prayers in Arafat Holy Site    Senior Scholars Council Issues Decision No. 246 Regarding Attendance of Friday Prayer and Prayers at Mosques in a Case of Spread of Epidemic or Fear of its Spread    Custodian of the Two Holy Mosques Addresses Citizens and Muslims on Eid Al-Fitr    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.





UAE expat remittances hit $21.7bn in H1 2020 despite coronavirus outbreak
Published in The Saudi Gazette on 30 - 09 - 2020

ABU DHABI — Expats' remittances from the United Arab Emirates amounted to 79.6 billion dirhams ($21.7 billion approximately) in the first half of 2020 despite the global outbreak of the coronavirus pandemic, according to figures released by the country's central bank.
The remittances account for 48.2 percent of the total money transferred by foreign residents in the country during 2019, which amounted to 165 billion dirhams.
The first quarter of 2020 saw the transfer of 41.4 billion dirhams while 38.2 billion was remitted in the second quarter.
According to the central bank, 76 percent of the total money was remitted through money exchange companies operating in the country and the rest was done through banks.
India took home the crown as the top receiving country for earnings made by expatriates, followed by the Philippines, Pakistan, Bangladesh, Egypt, and the United States.
In an unrelated development, the UAE's central bank said that the 6-12 month term deposits grew by 22.8 billion dirhams, or 13 percent, during the first seven months of the year, which will put their current cumulative balance at AED199 billion dirhams, accounting for about 20.5 percent of the total value term deposits at UAE banks by the end of July.
The growth is attributed to the rising demand for this type of deposits due to their higher returns in comparison with other investment vehicles.
According to the central bank's figures, the month of May saw these deposits go down to 160.87 billion dirhams before rising to 199 billion dirhams by the end of July from 180 billion dirhams in the first quarter of this year and 176.23 billion dirhams in the fourth quarter of 2019.
National banks hold 91 percent, or 181.3 billion dirhams, of these deposits, according to the statistics.


Clic here to read the story from its source.