Latest news with #Dh735
Gulf News
06-05-2025
- Business
- Gulf News
Sending money abroad? How to cut your remittance costs in 2025
Dubai: Whether you're sending money home, paying overseas school fees, or receiving rent from property abroad, chances are you're using remittance services more than ever. But are you paying too much in the process? As the demand for faster and cheaper global money transfers rises, so do the options—particularly outside traditional banks. Yet many users, especially in the UAE, still rely on banks without realising how costly that can be. 'Banks remain the most expensive remittance providers globally,' said Matt Simeon, a UAE-based forex analyst. 'The average cost of sending $200 (Dh735) via banks rose to nearly 14% in 2024, up from 11.5% a year earlier, according to the World Bank.' By contrast, money exchange houses charge around 5.4%, while mobile remittance apps are as low as 2.8%—making digital channels significantly more affordable. Yet despite the savings, mobile apps account for less than 1% of global remittance volumes, mostly because users still trust banks more. But the trade-off is high transaction costs and often poor exchange rates. Why digital is cheaper (and gaining ground) The World Bank's latest data confirms what many already suspect: digital remittances are the future. On average, digital transfers cost 5%, compared to 7.3% for non-digital methods. While banks have made improvements, they remain well above the UN's 2030 target of 3%. 'Even UAE-based banks rarely offer competitive exchange rates,' noted forex expert Anil Pillai. 'You're essentially paying a premium for convenience and trust.' Many UAE banks charge between Dh0 to Dh100, not including VAT. Transfers can take up to five business days. In contrast, UAE exchange houses often charge a flat Dh15–Dh20, with faster processing. How to check if you're getting the best rate Use tools like the World Bank's Remittance Prices Worldwide (RPW) tracker to compare providers. It lets you pick by cost, speed, or user ratings. Also, consider exchange platforms with flat fees, especially if you're remitting regularly. 'If you're sending Dh3,000 monthly, going through a Dh20-fee exchange house means just Dh240 a year. A bank charging Dh50 per transaction? That's Dh600,' added Simeon.
Khaleej Times
10-04-2025
- Business
- Khaleej Times
Sheikh Hamdan's visit: Dubai, India ink several strategic partnerships
Dubai entities signed several agreements with their Indian counterparts as Dubai Crown Prince Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum concluded his first visit to India. From warehouses to trade support, these accords will strengthen partnerships between the two markets across a wide variety of sectors. DP World has developed three world-leading Free Trade Warehousing Zones (FTWZ) in India with an investment of over Dh735 million. Located close to India's coasts, they offer advanced infrastructure, flexible warehousing, ease of regulations, and seamless value-added services, making operations simpler. During his visit, Sheikh Hamdan inaugurated one of those — the Nhava Sheva Business Park — in Mumbai, India and toured the facility accompanied by Sultan Ahmed bin Sulayem, Group Chairman and CEO of DP World. He was briefed about the various operations, value added services, and customised services deployed to enhance the efficiency of the FTWZ. 'The establishment of world-class logistics infrastructure, such as the Nhava Sheva Business Park, not only strengthens the trade connectivity between our nations but also reinforces our shared vision for growth, innovation, and sustainability,' said Sheikh Hamdan. During the facility's inauguration, 35 women recruited from local communities worked the shift. This supports DP World's strategic vision for the SCO region, promoting women-staffed warehouses across its operations. DP World's global network of 12 Free Trade Warehousing Zones (FTWZs)—including the Integrated Chennai Business Park in Tamil Nadu and the Cochin Economic Zone in Kochi — enhances India-UAE trade by reducing costs, improving efficiency, and boosting supply chain competitiveness. India to the world During a special event held by Dubai Chambers at Mumbai, Sultan Ahmed bin Sulayem also announced that the first phase of Bharat Mart will be completed by 2026. 'Bharat Mart is a showcase for Indian products to global consumers, especially buyers from our area, the GCC, as well as Africa, to visit, touch and see and fulfil their demands in their country,' he said. 'It's an example of government collaboration action. It will redefine how Indian goods.' In February last year, Indian PM Narendra Modi laid foundation for the Bharat Mart in Jebel Ali Free Zone (JAFZA). The facility, which has been compared to the Chinese Dragon Mart, will cover more than 2.7 million square feet of retail, showrooms, and warehouse space and help 'redefine' how Indian goods reach Africa, the Middle East, and Eurasia. Bharat Mart will also have a dedicated space for women-led businesses. Bin Sulayem also announced a new trade corridor between India and Africa, called the Bharat Africa Setu. 'It connects India and Africa through sea and air connectivity to the import, economic zones, logistic parks operated by DP World in both markets,' he said. 'Indian exporters can access 53 African countries, connecting them to over 400,000 points of sales throughout Africa. We will make sure that the Indian exporters, will increase their sales from 6.5 percent to 12 percent in a year.' Trade partnerships As part of the partnership, Dubai Chambers will support Indian businesses in establishing or expanding their presence in Dubai and provide strategic services aimed at accelerating the investment process. In a series of agreements that underscore the vital role of business communities in advancing collaboration and mutual growth, Dubai Chambers signed three Memorandums of Understanding (MoUs) with the Confederation of Indian Industry (CII), the Federation of Indian Chambers of Commerce and Industry (FICCI), and the IMC Chamber of Commerce and Industry. 'India and the UAE are bound by a deep-rooted friendship and a shared dedication to shaping the future through innovation, opportunity, and sustainable growth,' said Sheikh Hamdan. 'Together, we are advancing a model of international cooperation that delivers real impact and long-term benefits for the people of our two countries. We look forward to accelerating progress in sectors that matter most for our collective future.' The three Indian entities will together provide similar support to Dubai-based companies exploring business opportunities in India, including facilitating business matching services and networking activities. This support will also be extended during the pre- and post-expansion phase The agreements also outline collaboration in joint participation at trade fairs, investment missions, conferences, and exhibitions held in both markets. In addition, the parties have committed to the regular exchange of information and data on bilateral trade and business trends, helping to identify new opportunities and strengthen private sector cooperation. Supply chain DP World signed a MoU with RITES, a leading infrastructure, consultancy, and engineering firm under India's Ministry of Railways. The agreement aims to harness the expertise of both organisations to develop tech-enabled supply chains and strengthen modern logistics and maritime capabilities. The agreement aims to further leverage the UAE-India Virtual Trade Corridor (VTC), a digital platform launched in September 2024 and developed in collaboration with RITES, to streamline customs, logistics, and regulatory processes between the two countries. The agreement opens the door to collaboration on projects spanning multimodal logistics parks, free trade zones, port connectivity, and rail freight solutions, supporting the two countries' shared goal to build diversified trade routes that can withstand global disruptions and drive long-term economic growth. Drydocks World, a DP World company, signed an MoU with Cochin Shipyard Limited (CSL), a leading Indian shipbuilding and maintenance facility, establishing a framework for the joint development of ship repair clusters in Kochi and Vadinar, in India, as well as offshore fabrication, and collaborative marine engineering solutions. This partnership aims to contribute to modernising India's maritime infrastructure, expanding its ship repair industry, and creating new employment opportunities.
