UAE advises Pakistani expats to use official channels for remittance

Asma Ahmed - | UAE

In 2023, more than 230,000 Pakistanis chose to migrate to the UAE in pursuit of better opportunities, a trend expected to boost remittance flows significantly.

Ambassador Urges Use of Official Channels

Pakistan's ambassador to the UAE, Faisal Niaz Tirmizi, recently urged his compatriots to utilize official channels for remittances and financial transactions. This call came during the launch of KuickPay, an online payments platform aimed at facilitating secure and transparent financial transactions among the Pakistani community in the Emirates. Ambassador Tirmizi emphasized that using formal banking channels not only supports Pakistan's economy but also ensures transparency within the financial system.

The UAE has long been one of the largest sources of remittances for Pakistan, primarily due to its sizable Pakistani expatriate population, which currently stands at approximately 1.7 million. Recent economic data shows a positive trend in workers' remittances, with a 3.5 percent growth observed from July to April. This growth can be attributed to global economic recovery and improved economic performance in key remittance corridors such as the United States, the United Kingdom, and the European Union.

Economic Impact and Future Projections

According to official figures, Saudi Arabia remains the largest source of remittances for Pakistan, accounting for 24.2 percent ($5.1 billion), followed by the UAE at 17.4 percent ($3.7 billion), the UK at 15 percent ($3.2 billion), the US at 12 percent ($2.5 billion), other GCC countries at 10.8 percent ($2.3 billion), the European Union at 12.2 percent ($2.6 billion), and other regions at 8.4 percent ($1.8 billion). The continuous influx of Pakistani migrants to the UAE underscores expectations of further growth in remittance flows in the coming years. According to reports from the Bureau of Emigration and Overseas Employment (BE&OE) and the Overseas Employment Corporation (OEC), the UAE was the second-most preferred destination for South Asian migrants in 2023.

Enhancing financial transparency and security

The ambassador's advocacy for using official channels aligns with broader efforts to promote financial transparency and support economic resilience. By encouraging formal banking methods for remittances, Tirmizi aims to enhance the security and efficiency of financial transactions among Pakistani expatriates in the UAE. This approach not only benefits individual remitters by ensuring their transactions are safe and reliable but also contributes to Pakistan's overall economic stability and growth.

With a significant number of Pakistanis migrating to the UAE annually, the role of remittances as a vital economic lifeline remains crucial. The adoption of official channels for financial transactions not only enhances transparency and security but also strengthens the economic ties between Pakistan and the UAE. As both countries navigate their economic landscapes, initiatives like KuickPay and similar platforms are pivotal in facilitating smoother financial interactions and fostering stronger bilateral relations.

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Asma Ahmed
Asma Ahmed
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