According to a report by the World Bank, $689bn was remitted globally in 2018. While India was the largest receive market, pulling in $79bn, China and Mexico followed, netting $67bn and $36bn respectively. That report though didn’t fully paint a picture of the changing relationship between traditional send and receive markets. “Sends from countries like Romania, Guatemala and Honduras didn’t even exist four to five years ago. Romania was historically a huge receive market, but suddenly it has become one of our largest growing send markets in Europe. In Latin America, Mexico, Honduras and Guatemala were nothing but receive markets, but money is now moving back to the US as people who migrated there many years ago have settled down,” explains Alexander Holmes, chairman and CEO of MoneyGram International, the second-biggest money transfer company in the world.
The Middle East is a pivotal remittance region. Saudi Arabia and the UAE are the world’s second and third largest outbound markets respectively. According to the UAE Central Bank, remittances from the country grew 3 per cent in 2018 to total $46.07bn.
“The UAE government has been very proactive in encouraging choice and convenience, as well as physical and digital access to remit money. The government has the concept of a sandbox to encourage Fintech,” says Grant Lines, chief revenue officer at Money- Gram, outlining why the remittance market is on the up in the UAE.
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Esta historia es de la edición September 2019 de Gulf Business.
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Green lights
It hasn’t even been a full year that Stellantis, one of the world’s biggest auto companies, has been in existence. Still, its wheels are spinning furiously. Here’s what it has in store for the region
Purpose through corporate responsibility
Every organisation must deeply reflect about whether they are leaving behind a legacy or a liability, says Abdulaziz AlSowailim, EY MENA chairman and CEO
Analysing the layers of a coconut
When we have a sense of clarity as to our purpose in life, then we institute the correct practices and habits around us, and set realistic and achievable results
DUNES TO DOMINION
FOR A COUNTRY RICH IN TRADITION AND DRIVEN BY AMBITION, THE UAE’S JOURNEY DURING THE PAST 50 YEARS HAS BEEN UNPRECEDENTED. WHAT’S IN STORE FOR THE NEXT 50?
Building strong
International investors are boosting Dubai’s residential property market, which has rebounded strongly from the Covid crisis, writes Aarti Nagraj
CHASING THE AMERCIAN DREAM
FOR SHAI ZAMANIAN, THE US IS A LAND OF LIMITLESS POSSIBILITIES, AN AVENUE HE AIMS TO OPEN FOR FAMILIES WORLDWIDE VIA IMMIGRATION. HERE’S HOW HE IS BRINGING HIS GOAL TO FRUITION
OBITUARY: JOCELYN HENDERSON (1921-2021)
THE GRANDE DAME OF ABU DHABI – THE WIFE OF A FORMER DIPLOMAT – PASSED AWAY IN THE UAE CAPITAL AGED 100
THE DIGITAL DISRUPTORS
IN THE COMING YEARS, THE GCC IS EXPECTED TO PLAY A SIGNIFICANT ROLE IN SECTORS SUCH AS HEALTHCARE, MANUFACTURING, EDUCATION AND RETAIL, WHICH WILL HELP BOOST THE GROWTH OF ITS NON-OIL ECONOMY
Signed, sealed, delivered
Nicolas Baretzki, CEO of Montblanc, partnered with one of the world’s most recognisable luxury brands, Ferrari, earlier this year. Here’s where the partnership, and the German company as well, is headed next
UP, UP AND AWAY
AS THE FIRST IN-PERSON AIRSHOW TO TAKE PLACE SINCE THE OUTBREAK OF THE PANDEMIC, THE EVENT SAW SEVERAL DEALS ANNOUNCED
