Mashreq Bank, the Dubai lender controlled by the Al Ghurair family, has tied up with India’s Federal Bank to offer customers a free money transfer service from the UAE to India through its digital QuickRemit platform.
Under the tie-up, customers will not be charged remittance fees when they use the QuickRemit application to send money to India, Mashreq Bank said on Monday.
“A fully end-to-end automated solution will ensure that customers get the benefit of instant transfers in a safe and secure manner and the Indian diaspora in the UAE will surely benefit from this,” Shalini Warrier, executive director of Federal Bank, said in a statement.
Remittances are an important source of household income and foreign exchange inflows in India, with the country accounting for 33.6 per cent of all outward personal remittances from the Emirates, according to the UAE Central Bank's 2020 annual report. They are now an integral service, particularly after the resurgence of Covid-19 infections that is threatening to derail the country's economic recovery.
QuickRemit transactions through Mashreq Bank jumped 50 per cent during 2020, the lender said.
“This partnership with Federal Bank comes at an important time, as the growth of the UAE remittance market improves and begins to return to pre-pandemic levels,” Tooran Asif, executive vice president and head of consumer banking at Mashreq Bank, said.
“In particular, this tie-up will help to support our popular QuickRemit service to strengthen our India corridor, which has grown significantly over the years.”
In October, the World Bank said global remittances would fall 14 per cent by 2021 compared with pre-Covid-19 levels in 2019. The Washington-based lender projected global remittances would decline 7 per cent to $508 billion in 2020 and 7.5 per cent to $470bn in 2021. This compares with the 2008 global financial crisis, when remittances fell about 5 per cent.
Outward personal remittances from the UAE dropped by 5 per cent or Dh8.3bn year on year in 2020, according to the UAE Central Bank. The top three countries for outward personal remittances in 2020 were India, Pakistan and the Philippines, it added.
Getting there
The flights
Emirates and Etihad fly to Johannesburg or Cape Town daily. Flights cost from about Dh3,325, with a flying time of 8hours and 15 minutes. From there, fly South African Airlines or Air Namibia to Namibia’s Windhoek Hosea Kutako International Airport, for about Dh850. Flying time is 2 hours.
The stay
Wilderness Little Kulala offers stays from £460 (Dh2,135) per person, per night. It is one of seven Wilderness Safari lodges in Namibia; www.wilderness-safaris.com.
Skeleton Coast Safaris’ four-day adventure involves joining a very small group in a private plane, flying to some of the remotest areas in the world, with each night spent at a different camp. It costs from US$8,335.30 (Dh30,611); www.skeletoncoastsafaris.com
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Key findings of Jenkins report
- Founder of the Muslim Brotherhood, Hassan al Banna, "accepted the political utility of violence"
- Views of key Muslim Brotherhood ideologue, Sayyid Qutb, have “consistently been understood” as permitting “the use of extreme violence in the pursuit of the perfect Islamic society” and “never been institutionally disowned” by the movement.
- Muslim Brotherhood at all levels has repeatedly defended Hamas attacks against Israel, including the use of suicide bombers and the killing of civilians.
- Laying out the report in the House of Commons, David Cameron told MPs: "The main findings of the review support the conclusion that membership of, association with, or influence by the Muslim Brotherhood should be considered as a possible indicator of extremism."
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- He fled to Belgium and was involved in attacks on Brussels in March 2016. He is serving a life sentence in France
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Title: Assistant dean of students and director of athletics
Favourite sport: soccer
Favourite team: Bayern Munich
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Favourite activity in Abu Dhabi: scuba diving in the Northern Emirates
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Date Started: May 2015
Founders: Rami Shaar and Jad Halaoui
Based: Dubai, UAE
Sector: Laundry
Employees: 170
Funding: about $8m
Funders: Addventure, B&Y Partners, Clara Ventures, Cedar Mundi Partners, Henkel Ventures
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The specs
Engine: Direct injection 4-cylinder 1.4-litre
Power: 150hp
Torque: 250Nm
Price: From Dh139,000
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Thanksgiving meals to try
World Cut Steakhouse, Habtoor Palace Hotel, Dubai. On Thursday evening, head chef Diego Solis will be serving a high-end sounding four-course meal that features chestnut veloute with smoked duck breast, turkey roulade accompanied by winter vegetables and foie gras and pecan pie, cranberry compote and popcorn ice cream.
Jones the Grocer, various locations across the UAE. Jones’s take-home holiday menu delivers on the favourites: whole roast turkeys, an array of accompaniments (duck fat roast potatoes, sausages wrapped in beef bacon, honey-glazed parsnips and carrots) and more, as well as festive food platters, canapes and both apple and pumpkin pies.
Ruth’s Chris Steakhouse, The Address Hotel, Dubai. This New Orleans-style restaurant is keen to take the stress out of entertaining, so until December 25 you can order a full seasonal meal from its Takeaway Turkey Feast menu, which features turkey, homemade gravy and a selection of sides – think green beans with almond flakes, roasted Brussels sprouts, sweet potato casserole and bread stuffing – to pick up and eat at home.
The Mattar Farm Kitchen, Dubai. From now until Christmas, Hattem Mattar and his team will be producing game- changing smoked turkeys that you can enjoy at home over the festive period.
Nolu’s, The Galleria Mall, Maryah Island Abu Dhabi. With much of the menu focused on a California inspired “farm to table” approach (with Afghani influence), it only seems right that Nolu’s will be serving their take on the Thanksgiving spread, with a brunch at the Downtown location from 12pm to 4pm on Friday.
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What can victims do?
Always use only regulated platforms
Stop all transactions and communication on suspicion
Save all evidence (screenshots, chat logs, transaction IDs)
Report to local authorities
Warn others to prevent further harm
Courtesy: Crystal Intelligence
Living in...
This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.
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Global state-owned investor ranking by size
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1. |
United States |
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2. |
China |
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3. |
UAE |
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4. |
Japan |
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5 |
Norway |
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6. |
Canada |
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7. |
Singapore |
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8. |
Australia |
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9. |
Saudi Arabia |
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10. |
South Korea |
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