UAE’s payment industry remains safe to oil volatility
30 Dec 2015
(MENAFN) The remittance industry in the UAE, which worth almost USD 14.9mn, spread this year despite a decline for more than 50 percent in oil prices, which is expected to cross USD 19.5bn this year.
Additionally, the UAE has been at the lead of the region in spreading its economy into new parts, including tourism, finance and infrastructure to cut the dependence on oil.
However, despite falling oil prices, most GCC states proclaimed plans for changing their nations into world-class centers, which will give improve to the exchange business in the area.
Payments from the UAE increased by almost 5 percent to USD 19bn last year, which also jumped close to 5 percent to reach USD 585bn in payments globally.