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Khaleej Times
09-04-2025
- Business
- Khaleej Times
UAE: How will Trump's tariffs impact remittances?
An expert pointed out that with growing concerns about a weakening dollar, many could choose to send their savings back home earlier than planned. "Now more than ever, UAE residents need access to instant remittance services to manage their money," said Mohammad El Saadi, VP of Careem Pay. "The proposed tariffs could trigger broader economic uncertainty and put downwards pressure on the US-dollar pegged dirhams." Last week, US President Donald Trump announced 10 per cent baseline tariff on all imports to the US and higher duties on several countries — a move that sent global stock markets plummeting, with the danger of a trade war looming. China retaliated with a 83 per cent increase in taxes on American imports and Trump has threatened to hit back with additional tariffs. Varying impact El Saadi noted that the impact on remittances would vary depending on the income bracket of the UAE residents. "While lower-income expats in the country are likely to maintain their usual remittance patterns to support their families back home, middle and higher-income earners may start shifting more of their savings out of the UAE in anticipation of a weaker dollar." He added that some may even choose to send money abroad for investments "to take advantage of market dips" and that this could cause a "short-term spike" in remittances as people looked to protect the value of their money. Meanwhile, Adeeb Ahamed, Managing Director of Lulu Financial Holdings noted that although there won't be a major impact on remittances, people will be more mindful about sending their money back home in the face of the tariffs. "Cost of living is expected to increase across some impacted products," he said. "UAE being an import country, it relies on other countries to bring in needed items. So some products which pass through the US in the supply chain could see price increases.' Trends According to El Saadi, Careem Pay saw the strongest remittances growth in Pakistan, India, Europe, and UK in March. India remained the top corridor by transfer volumes contributing over two-thirds of its total international money transfers. "January saw a spike in high-value transfers and average remittances per user as favorable exchange rates prompted users to send more money home," he said. "However, some customers have held back transfers due to a decline in the Indian stock market." On Tuesday, Ahamed had noted that there was a significant shift in the reasons why Indian expats sent money home. He said that now, more people were remitting to invest in the stock market and create a passive income, as opposed to home maintenance, which had been the norm for the last few decades.
Khaleej Times
08-04-2025
- Business
- Khaleej Times
UAE-India remittances see steady growth as investment becomes key driver
Remittances sent to India by UAE residents have continued to rise steadily in recent years. However, according to an industry expert, the motivation behind these money transfers has undergone a significant shift over the past decades. 'Earlier, people used to send money (primarily) for home maintenance,' said Adeeb Ahamed, managing director of Lulu Financial Holdings. "Now, investment has become the key priority. The purpose of remittances has largely changed.' Adeeb explained that one of the reasons for this shift is the growing sense of stability and long-term settlement in the UAE. He said that many now feel comfortable staying in the UAE. "(As a result), we are seeing more home-buying happening in UAE rather than back in India,' he said. 'This means a larger portion of remittances is now directed towards investments in India." He shared these insights while speaking to Khaleej Times on the sidelines of the Dubai-Indian Business Forum, which kicked off in Mumbai, India on Tuesday. The forum coincided with the official visit of Dubai Crown Prince Sheikh Hamdan to India — his first state visit to the country. Organised by Dubai Chambers, the forum brought together over 200 participants, including prominent entrepreneurs from India and the UAE, to explore ways to enhance trade and partnership opportunities. Focus on investments Adeed noted that a significant portion of remittances is now being funnelled into India's stock market. 'The last 3-4 years have been very strong for the stock market in India and have given good returns on investment,' he said. 'Many UAE residents have invested in the stock market and created a passive income for themselves. The real estate market is also fairly good in many regions, so, they have invested into that sector as well.' India was the largest recipient of remittances from the UAE last year, while the UAE stood as the third largest source of remittances to India. 'This year, the UAE is poised to become the second largest corridor for remittance into the country.' During a panel discussion at the forum, Adeeb — who also serves as the Chair of the Federation of Indian Chambers of Commerce and Industry (FICCI) - Arab Council — highlighted how a lack of accessible information had previously hindered UAE-based businesses from exploring Indian investment opportunities. However, that trend is changing, thanks to the India-UAE Comprehensive Economic Partnership Agreement (CEPA) which came into force in 2022.
Zawya
27-02-2025
- Business
- Zawya
Lulu Financial makes $19bln annual transfers
Lulu Financial Holdings serves over 2.5 million customers monthly across various countries worldwide and facilitates nearly $19 billion in annual transfers across its operational markets, led by the UAE, making it one of the strongest players in the cross-border payments sector in the region, an official said. Adeeb Ahamed , Managing Director of Lulu Financial Holdings, told the Emirates News Agency (WAM) on the sidelines of Investopia 2025, which opened in Abu Dhabi on Wednesday, that the company, founded in 2008, has a strong presence in 10 countries, including all GCC states, as well as India, Bangladesh, the Philippines, Singapore, Hong Kong, and Malaysia. He highlighted that the company operates more than 370 branches worldwide, with 140 customer service centres in the UAE. 'Lulu Financial Holdings is integrating advanced technologies such as artificial intelligence (AI) and blockchain to enhance customer experience and streamline financial transactions,' he added. Copyright 2024 Al Hilal Publishing and Marketing Group Provided by SyndiGate Media Inc. (
Trade Arabia
27-02-2025
- Business
- Trade Arabia
Lulu Financial makes $19bn annual transfers
Lulu Financial Holdings serves over 2.5 million customers monthly across various countries worldwide and facilitates nearly $19 billion in annual transfers across its operational markets, led by the UAE, making it one of the strongest players in the cross-border payments sector in the region, an official said. Adeeb Ahamed , Managing Director of Lulu Financial Holdings, told the Emirates News Agency (WAM) on the sidelines of Investopia 2025, which opened in Abu Dhabi on Wednesday, that the company, founded in 2008, has a strong presence in 10 countries, including all GCC states, as well as India, Bangladesh, the Philippines, Singapore, Hong Kong, and Malaysia. He highlighted that the company operates more than 370 branches worldwide, with 140 customer service centres in the UAE. 'Lulu Financial Holdings is integrating advanced technologies such as artificial intelligence (AI) and blockchain to enhance customer experience and streamline financial transactions,' he added.
Hi Dubai
27-02-2025
- Business
- Hi Dubai
Lulu Financial Holdings Facilitates $19 Billion in Annual Transfers
Lulu Financial Holdings, a leading player in the cross-border payments sector, serves over 2.5 million customers monthly across various countries, facilitating nearly $19 billion in annual transfers. The company's robust presence is led by its operations in the UAE, making it one of the strongest players in the region. Adeeb Ahamed, Managing Director of Lulu Financial Holdings, shared these insights on the sidelines of Investopia 2025, which opened today. He highlighted the company's expansive network across 10 countries, including all GCC states, India, Bangladesh, the Philippines, Singapore, Hong Kong, and Malaysia. Founded in 2008, Lulu Financial Holdings operates more than 370 branches worldwide, including 140 customer service centres in the UAE. Ahamed emphasized the company's commitment to innovation, integrating advanced technologies such as artificial intelligence (AI) and blockchain to enhance customer experience and streamline financial transactions. The company's technological advancements and wide network solidify its position as a trusted partner in the global financial services sector. News Source: Emirates News Agency
