- 56% of respondents agreed that the outlook for remittances stays optimistic for the approaching yr
- Corporations price altering demographic, labour mobility, unemployment and present pandemic as high considerations that would have an effect on enterprise
Regardless of being affected by COVID-19 pandemic, members of the International Alternate and Remittance Group (FERG) are longing for higher days forward. In keeping with findings from a brand new survey carried out by FERG, majority of the alternate and remittance homes stay bullish on the way forward for the trade and have surveyed a optimistic outlook for overseas alternate and remittance enterprise within the UAE.
The research compiled responses from all members of FERG, which incorporates high alternate and remittance corporations within the UAE, and analysed the projected affect of COVID-19, impact of the trade to broader financial points, high considerations, and responses of the trade to the altering monetary local weather together with main foreign money efficiency sentiments.
Over the course of the survey, 63% of the respondents mentioned that the pandemic had extremely affected their enterprise, with 49% agreeing that remittances for the remaining months will stay subdued. However, on the identical time 56% agreed that the outlook for remittances for the approaching yr stays optimistic. The determine elevated to 61% for the outlook on overseas alternate, indicating the idea that tourism and commerce would return to the pre-COVID section.
Corporations surveyed rated altering demographics (27%), labour mobility (23%), unemployment (16%) and the present pandemic (16%) as a few of the urgent considerations that may affect the remittance trade. Different considerations of medium significance amongst respondents included: altering oil costs, geopolitical instability, and dependency on authorities expenditure.
“International alternate and remittance corporations within the UAE, like many different companies, have felt the affect of the pandemic. However this hasn’t stopped our trade from functioning and lots of the corporations have comprehensively modified the best way they function and set up themselves whereas sustaining their operations in a safe, customer-centric and employee-supportive method. As now we have gauged from the survey, the general sentiment in direction of enterprise in our trade for the approaching yr stays optimistic and we sit up for a resilient yr forward,” mentioned Mohamed Al Ansari, Chairman, FERG.
“It’s encouraging to see that majority of FERG members have a optimistic outlook for the approaching yr. It has been a troublesome yr, however because of the assist from the varied financial departments throughout all seven emirates and the federal government of the UAE, now we have been in a position to climate the challenges. We’re always monitoring the state of affairs and FERG is working in direction of creating the suitable response to handle any surprising dangers,” mentioned Osama Al Rahma, Vice Chairman, FERG.