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PRESS RELEASE

Date: 27th April 2016

Title: UAE Exchange sees 6% year on year growth in its remittance transactions to the Arab
corridor in Q1 2016 (based on World Bank Report)

Dubai, 27 April 2016: The World Bank Groups Migration and Development April 2016
Report has positioned the GCC as a global hub of outward remittances, particularly to
non-GCC Arab countries. The report, which highlights the movement of people as well
as remittance flows, presents data that dovetails with internal research of UAE
Exchange, the leading global remittance, foreign exchange and payment solutions
brand.

We are very pleased that the 2016 World Bank Group Report supports our assertion
that, despite market fluctuations, remittance corridors from the GCC to the rest of the
world remain robust. This underpins the GCC as a region with strong, functioning and
expanding economies that attract talent and manpower from world over, especially the
Arab region. said Promoth Manghat, CEO, UAE Exchange.

The World Bank Group Report notes that despite economic pressures, remittance
outflows from oil exporting GCC countries continued to rise in 2015 due to maintenance
of fiscal spending, and the peg to a strong USD by most economies in the GCC.
Several positive initiatives and investments being undertaken in the GCC region, like
the EXPO 2020 in the UAE, FIFA World Cup in Qatar etc., contribute to driving
diversified economies with optimism.

What were seeing is that the GCC remains a key hub for remittance outflows to other
Arab countries. The World Bank Migration and Development Report coincides with our
internal research, which shows that remittance corridors remain steady even in the face
of market challenges and the socio-political landscape in the Arab world. Our year-on-
year remittance transactions to the Arab markets have grown by 6% in Q1 2016. The
conclusion is that the GCC is very much the de facto destination for expatriate workers
to come, live, save and remit due to sound government policies and robust economies.
adds Promoth.

The report states that remittances from the GCC to other Arab countries remained
strong, with Egypt, Jordan and Yemen featuring among the leading remittance
receivers. Commenting on the trend, Promoth notes, Weve been aware of the
importance of the GCC to Egypt and Jordan corridors for a while. These countries are
among the largest receivers of remittances from the GCC, and weve seen a rise in our
remittance transactions to Egypt and Jordan by 14.4% and 13.5% respectively in Q1
2016 compared to the same period last year. Its worth noting that Egypt receives three
times the revenue generated by the Suez Canal from global inward remittances.

According to the World Bank Group Report, global remittance flows to Middle East and
North Africa stood at an estimated USD 50.3 billion. The figure is expected to rise to
USD 51.6 billion in 2016, and hit USD 54.5 billion in 2018. The GCC is expected to
continue playing a key role in this increase.

This press release was distributed by the International Trade Council.

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