FINANCIAL NEWS

Al Ansari Exchange eyes Egypt expansion

01 Aug 2010

(MENAFN) Al Ansari Exchange, a Dubai-based provider of money remittances and foreign currency exchange services, has signed a strategic partnership with the National Bank of Egypt (NBE), the oldest and largest commercial bank in Egypt.

Al Ansari revealed that its focus on Egypt is being driven by the growth potential projected for the local remittance industry, with the country ranking as among the top 10 leading money transfer destinations across the globe.

According to statistics released by the World Bank, a total of $8.7 billion in cash transfers was recorded in 2008, and an estimated $7.8 billion was posted in 2009. It is projected that the figure will grow by 6 percent in the current fiscal year.

Egypt-bound remittances from the UAE have been rising over the years, due to the growing number of Egyptians residing in the emirates.

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