Emirates NBD recorded an increase of more than 20 per cent in the volume and value of funds transferred via its DirectRemit platform in 2020 compared with 2019 as more customers switched to online and mobile channels for their banking needs during the pandemic.
“DirectRemit was especially critical for customers dealing with urgent family needs or emergencies during lockdown and when movement restrictions were in force,” Emirates NBD said on Wednesday.
DirectRemit is a digital money transfer service that allows customers to send remittances to India, the Philippines, Pakistan, Sri Lanka, Egypt and the United Kingdom in less than 60 seconds and with no charges via the bank’s online or mobile banking platforms.
India and the Philippines topped the list of recipient countries for DirectRemit transactions.
The rise in remittances via the bank’s digital platform is in contrast to the overall personal remittance market in the UAE, which remained sluggish amid the Covid-19 pandemic.
Outbound personal remittances from the UAE fell 7.7 per cent, or Dh3.3 billion, in the third quarter of 2020 compared with the same period in 2019, according to the Central Bank of the UAE. There was a reduction in transfers through exchange houses by Dh6.9bn, while outward remittances through banks increased by Dh3.6bn. India, Pakistan and Egypt were the top destination countries for personal remittances from the UAE during 2020.
The UAE registered outward personal remittances worth Dh41.4bn and Dh38.2bn in the first and second quarters of 2020, respectively.
Changing demographics, labour mobility, unemployment and the pandemic will affect the UAE remittance industry in 2021, according to a survey by the Foreign Exchange and Remittance Group.
Other concerns include changing oil prices, geopolitical instability and reliance on government expenditure.
Timeline
2012-2015
The company offers payments/bribes to win key contracts in the Middle East
May 2017
The UK SFO officially opens investigation into Petrofac’s use of agents, corruption, and potential bribery to secure contracts
September 2021
Petrofac pleads guilty to seven counts of failing to prevent bribery under the UK Bribery Act
October 2021
Court fines Petrofac £77 million for bribery. Former executive receives a two-year suspended sentence
December 2024
Petrofac enters into comprehensive restructuring to strengthen the financial position of the group
May 2025
The High Court of England and Wales approves the company’s restructuring plan
July 2025
The Court of Appeal issues a judgment challenging parts of the restructuring plan
August 2025
Petrofac issues a business update to execute the restructuring and confirms it will appeal the Court of Appeal decision
October 2025
Petrofac loses a major TenneT offshore wind contract worth €13 billion. Holding company files for administration in the UK. Petrofac delisted from the London Stock Exchange
November 2025
180 Petrofac employees laid off in the UAE
Meydan card
6.30pm: Al Maktoum Challenge Round-1 (PA) Group 1 US$65,000 (Dirt) 1,600m
7.05pm: Conditions (TB) $100,000 (Turf) 1,400m
7.40pm: UAE 2000 Guineas Trial (TB) $100,000 (D) 1,600m
8.15pm: Handicap (TB) $175,000 (T) 1,200m
8.50pm: Al Maktoum Challenge Round-1 (TB) Group 2 $350,000 (D) 1,600m
9.25pm: Handicap (TB) $175,000 (D) 1,900m
10pm: Handicap (TB) $135,000 (T) 1,600m
Killing of Qassem Suleimani
Director: Laxman Utekar
Cast: Vicky Kaushal, Akshaye Khanna, Diana Penty, Vineet Kumar Singh, Rashmika Mandanna
Rating: 1/5
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Our legal columnist
Name: Yousef Al Bahar
Advocate at Al Bahar & Associate Advocates and Legal Consultants, established in 1994
Education: Mr Al Bahar was born in 1979 and graduated in 2008 from the Judicial Institute. He took after his father, who was one of the first Emirati lawyers
The five pillars of Islam
1. Fasting
2. Prayer
3. Hajj
4. Shahada
5. Zakat
The studios taking part (so far)
- Punch
- Vogue Fitness
- Sweat
- Bodytree Studio
- The Hot House
- The Room
- Inspire Sports (Ladies Only)
- Cryo
Dengue%20fever%20symptoms
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Intercontinental Cup
Namibia v UAE Saturday Sep 16-Tuesday Sep 19
Table 1 Ireland, 89 points; 2 Afghanistan, 81; 3 Netherlands, 52; 4 Papua New Guinea, 40; 5 Hong Kong, 39; 6 Scotland, 37; 7 UAE, 27; 8 Namibia, 27
