Links between India and the UAE stretch back over decades – and are being constantly expanded.
Formal trade links have gone from strength to strength. Between 2008-2013, the countries totalled some USD 75 billion in trade all told.1 This figure is now sharply on the rise. With 14 new trade agreements recently signed2 between the countries, optimistic estimates suggest that trade between the two countries may hit USD 100 billion by 2020.
India accounts for around 9.8% of the UAE’s total non-oil trade. India is also the largest importer of goods from the UAE – buying about 14.9% of the country’s exports, and about 8.7% of its re-exports.3
Apart from these formal trade links, the two countries are linked by the large Indian diaspora that helps shape economic, cultural and social life in the UAE. Some 2.7 million Indians are estimated to live in the UAE4 – making them the largest expatriate population in the entire region.
And this large population of hardworking expatriates have sent home Dh12.95 billion in Q1 of 2017 alone, accounting for 34.9% of total remittances heading out of the UAE – according to the UAE Central Bank.5
At Xpress Money, we acknowledge the contribution of the Indian diaspora to generating prosperity back home in India, and also shaping commerce and economic activity in their adopted country, the UAE. Indian remittances back home play an invaluable role in spurring GDP growth, improving quality of life and generating investments in healthcare and education.
At Xpress Money, our role is to facilitate this diaspora through safe, convenient and competitive money transfers. With 500+ outlets in the UAE and over 55,000 in India, we offer our customers in both countries a dense network of convenient locations to send and receive money from.
Indian expatriates in the UAE benefit from extremely competitive costs when sending funds to India. Rates between the UAE and India are amongst the lowest in the global market.
But that’s not all. Xpress Money is also committed to giving back to its customers. It’s our way of showing appreciation. We organise regular campaigns to reward our diaspora for choosing our brand, and acknowledge their hard work and dedication in providing for families back home.
We’ve also designed our Xpress Money Rewards Card to give our customers cash back every time they make a transaction. It rewards them on the spot for remitting money to India and other destinations. Cardholders also double their chances of winning during Xpress Money promotions and contests. Here is a rewards programme specifically formulated to help reduce the overall cost of remittances for customers.
At Xpress Money, we are proud to be playing a constructive role in furthering the financial links between two proud nations and two influential economies on the world stage. We are standing by, ready to serve our customers both in India and the UAE.