Latest news with #Dh135
Time of India
30-06-2025
- Business
- Time of India
How to send money from UAE without bank account: What expats need to know
AE expats can send up to AED 135,000 abroad without a bank account using low-fee apps like Careem Pay and Botim and more/ Representative Image For millions of UAE expatriates, sending money home is more than a transaction, it's a vital financial link that supports families, strengthens communities, and fuels national economies. Thanks to rapid advancements in financial technology, UAE expats no longer have to rely on traditional banks, which often involve high fees, long processing times, and the need for formal banking setups. Today, a growing number of digital platforms offer simple, fast, and low-cost alternatives, often requiring nothing more than a mobile number and a debit or credit card. Below is a detailed look at the most prominent digital platforms that allow expats in the UAE to transfer money internationally, even without holding a bank account. 1. Botim: From Calls to Global Money Transfers Originally a VoIP calling app, Botim has transformed into a powerful fintech tool. In 2023, it launched the world's first in-chat international money transfer service in the UAE, India, and the Philippines. Key Capabilities: Transfer money to 170+ countries Works through a partnership with Mastercard and regional fintech firms Direct transfers to bank accounts or mobile wallets Fully integrated with a built-in wallet feature for transaction tracking Minimal to zero transfer fees for select corridors Competitive exchange rates Supported countries include India, Pakstan, the Philippines, and Egypt 24/7 service with real-time tracking 2. Careem Pay: Ride-Hailing Meets Money Transfers Careem, best known as a ride-hailing platform, launched Careem Pay with a focus on personal finance. The service now covers domestic and international money transfers, bill payments, and more. In 2022, Careem Pay rolled out its peer-to-peer transfer service, allowing users to send, request, or receive money via: Phone number Personal QR code Personal payment link all without the need for an IBAN or bank account. Transfer Highlights: Send money to 30+ countries Foreign exchange rates are 50% cheaper than banks Transfer limits: Up to Dh45,000($12,253.50) per transaction Up to Dh135,000 ($36,760.50) monthly Supports UAE-issued debit cards Offers instant or same-day delivery in certain corridors Interface includes multilingual support 3. e& money: Telecom Giant's Leap into Fintech Previously known as Etisalat Wallet, e& money is the fintech arm of the Emirates Telecom Group. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Discover Hotel and Restaurant Management Programs in Asia LocalPlan Search Now Undo Now licensed and regulated by the UAE Central Bank, the app offers a wide range of digital financial services. Top Features: International remittances to over 200 countries Send funds directly to bank accounts or mobile wallets Also supports local transfers, bill payments, mobile top-ups, and gifting Offers competitive exchange rates and minimal fees Fully smartphone-based interface 4. Taptap Send: Zero-Fee Transfers for Emerging Markets Newer to the UAE market but popular globally, Taptap Send focuses on enabling fast, affordable transfers to developing nations, particularly in Africa, Asia, and the Caribbean. App Features: Zero transfer fees for countries like: India Ghana Bangladesh Competitive exchange rates Delivery often within minutes Extremely simple user interface Fast registration process 5. LuLu Money: The Digital Face of LuLu Exchange Operated by LuLu Exchange, LuLu Money is a remittance and payment app serving over 170 countries. Key Benefits: Transfer money using cash, prepaid card, or a linked digital wallet Offers real-time exchange rate monitoring Features flexible payout methods Backed by strong regulatory compliance Customers can track transactions easily Includes loyalty points and developer tools for integration 6. Al Ansari Exchange App : The All-in-One 'Super-App' A well-established name in UAE remittances, Al Ansari Exchange has digitized its services into a comprehensive mobile platform. What It Offers: Transfers via: Online bank transfers Credit/debit cards (Visa/Mastercard) Direct debit PayPlus card Cash deposits at branches Features include: Real-time exchange rates Rate-alert notifications 24/7 transfer service Regulated by the Central Bank of the UAE High-level encryption and fraud protection 7. Unimoni App: Transparency and Global Reach Previously known as UAE Exchange, Unimoni is part of Wizz Financial/Finablr, headquartered in Abu Dhabi and operating in over 30 countries. Service Range: International money transfers Foreign exchange Travel and payment services Credit solutions Unique Advantages: Uses live mid-market exchange rates Small markups are built into rates, no flat hidden fees Clear display of fees in UAE dirhams For India transfers: 18% GST on the transfer fee or forex margin 5% TCS (Tax Collected at Source) on annual remittances above Dh30,500, as per Indian tax laws
Al Etihad
22-06-2025
- Business
- Al Etihad
UAE advances as global maritime power through system of legislation, investments
22 June 2025 12:51 ABU DHABI (WAM)The UAE has become a leading global maritime hub, building on a strong record of achievements, progressive legislation, and strategic investments that have made it a model in maritime sustainability, advanced infrastructure, and sound to its strategic geographic location at the heart of global trade routes, the UAE has become a pivotal logistics hub connecting Eastern and Western UAE has also played an active role in shaping international maritime policies, contributing strategic proposals to update the legal maritime framework—particularly regarding the prevention of illegal practices related to fraudulent ship registration. The country has taken a leading role in drafting regulatory best practices for autonomous maritime UAE boasts one of the most advanced maritime infrastructures in the region. In 2023, the country's ports handled around 21 million TEUs, setting record figures in facilitating trade and the flow of maritime sector contributed approximately Dh135 billion to the national GDP, reflecting the vital economic importance of this UAE is considered the leading destination for commercial vessels in the region, thanks to its comprehensive services, high operational capabilities, and advanced digital systems that enhance the efficiency of logistics operations. The country has prioritised the development of human capital in the maritime sector, and through the Ministry of Energy and Infrastructure and maritime administration experts, has organised specialised training workshops in cooperation with the International Maritime Organisation (IMO).Between 2020 and 2025, six regional workshops were held, in addition to participating in audit missions for several countries, including Egypt, Greece, Malta, and UAE has also established several maritime academies, such as the Sharjah Maritime Academy and the Abu Dhabi Maritime Academy, alongside training programmes at the Higher Colleges of Technology. These institutions have graduated approximately 497 marine officers and engineers, including 100 female officers and engineers—a step that underscores the country's commitment to supporting women's roles in this vital part of its environmental commitment, the UAE has announced its Net Zero 2050 Strategy and has been a pioneer in implementing sustainable solutions within the maritime sector. Fujairah Port stands as a regional model for supplying ships with low-sulfur clean fuel and also offers liquefied natural gas (LNG) bunkering services, in alignment with the MARPOL Convention to prevent air pollution from the UAE has joined the Global Ports Hydrogen Coalition and the Green Shipping Corridors UAE is also among the leading developers of digital and smart systems in the maritime shipping sector. It has launched pioneering projects such as Blue Pass, Maqta Gateway, BoxBay intelligent container storage system, and CargoSpeed, along with container loading automation systems used in Abu Dhabi and Dubai ports. These advanced technologies contribute to reducing carbon emissions, improving supply chain efficiency, and offer a comprehensive model for logistical companies have extended their maritime sector investments to over 78 countries, contributing to the development of ports and maritime terminals, building global trade bridges, and advancing automation and digitalisation in global shipping. The number of ports operated by UAE national entities worldwide has reached 106, reflecting the country's advanced logistical position and its pivotal role in connecting global UAE has aligned its national strategy with the objectives of IMO and has declared its full support for decarbonising maritime transport. The country has also contributed to funding a dedicated IMO trust fund aimed at helping island and developing nations participate in IMO meetings, reinforcing the principles of inclusivity and UAE has actively participated in the IMO's regular meetings and has submitted significant initiatives to advance international regulations and standards. The country now seeks to renew its membership in the IMO Council to continue its vital role as a flag state, port state, coastal state, and a major global energy UAE has transformed into a global convenor for international conferences and exhibitions in the maritime and logistics sectors, such as UAE Maritime Week, Breakbulk Middle East, and ADIPEC. These events aim to foster innovation and drive global dialogue on the future of sustainable maritime UAE has also actively participated in COP conferences and BRICS meetings focused on port decarbonisation, using these platforms to reaffirm its leadership role in shaping a low-emission maritime bin Mohammed Al Mazrouei, UAE Minister of Energy and Infrastructure, said, "The UAE is confidently progressing toward becoming a global maritime power, thanks to the vision of our wise leadership and the efforts of all those working in this sector. Today, we are accelerating the transition to a more sustainable and intelligent maritime transport system, reinforcing our position as a key contributor in shaping the future of global shipping."He added, "We are currently working to support the integration of digitalisation and sustainability across all aspects of the sector—whether through legislative frameworks or the adoption of advanced technologies such as autonomous ships. This reflects our commitment to enhancing the efficiency of maritime operations while achieving environmental sustainability. The UAE believes that innovation is the engine of the future, and we are ready to share our knowledge with the international community in pursuit of shared goals."He continued, "Our membership in the IMO Council is a responsibility that stems from our ongoing commitment to best practices and our dedication to sharing our expertise and supporting other nations in building a safe and advanced maritime sector. We believe that the UAE—through its human, technological, and investment capabilities—is well positioned to continue playing a pivotal role in shaping the future of the global maritime industry."Hassan Al Mansouri, Under-Secretary for Infrastructure and Transport Affairs at the Ministry of Energy and Infrastructure, stated, 'The maritime sector is one of the strategic pillars of the UAE's vision to build an integrated, sustainable, and smart transportation system, aligned with the nation's direction toward a diversified economy based on knowledge and advanced technologies."Through a maritime infrastructure that is among the most modern and efficient globally, the UAE has worked to empower global supply chains, enhance port readiness, and connect regional and international markets in a flexible and secure manner. We underscore our commitment to continued leadership and active contribution to shaping the future of maritime transport regionally and globally.'Hessa Al Malek, Advisor to the Minister for Maritime Transport Affairs at the Ministry of Energy and Infrastructure, affirmed that the UAE views the maritime sector as a central ingredient of comprehensive development, not merely as infrastructure or port activity. She added, 'This sector contributes to economic growth, environmental protection, and the creation of quality opportunities for society. The achievements realised at the national level are the result of a clear national vision and strong institutional will, and the UAE is working to share this successful experience internationally as a trusted and influential partner in shaping the future of the global maritime industry.'
Gulf News
02-05-2025
- Business
- Gulf News
Is UAE retail giant Lulu's share price making a comeback?
Dubai: Is Lulu's stock price in the mood for a comeback? After dropping 32% this year to Dh1.1, the ADX-listed share of the retail giant is slowly regaining some of the shine. The Lulu Retail stock is now up 16% to Dh1.28. Market watchers reckon that next week's trades will be crucial as the company readies to announce its Q1-2025 results. So far today, Lulu is at Dh1.26, lower by over 1%. But investors reckon there is a real possibility for Lulu's share to bounce back - and most important, hold its ground. The Lulu IPO price was Dh2.04 and resulted in one of the biggest retail subscriptions ever for a UAE enterprise. 'Despite the uncertainty surrounding US tariffs and a slowdown for GCC economies, Lulu Retail's margins and profitability are expected to rise for Q1-25 and going forward,' said Sameer Lakhani, Managing Director at Global Capital Partners. '(The Lulu share price gain) suggests that investors are turning optimistic about the company's performance. 'Of course for value investors, this is an opportunity to accumulate holdings. And this has increasingly been reflected at both the retail and institutional investor level.' Retail investors One of the big takeaways from the Lulu IPO was the presence of retail investors, many of whom had been first-time subscribers to a UAE stock market float. The Dh2.04 was the higher of the price range, and Lulu eventually drew an aggregate demand of Dh135 billion from subscribers. This made it the biggest for non-UAE government entity in 10 years. But once it listed, the stock was pulled lower, and the process accelerated after the company announced its 2024 numbers (even though the financials showed rock-solid growth in regional markets). This is why the Q-2025 results announcement will be crucial in setting the Lulu stock's short-term trajectory. 'We remain focused on strengthening our market position and look forward to the journey ahead with purpose and a shared vision for sustained growth," is what Saifee Rupawala, CEO of Lulu Retail said last week after the company's first AGM since the IPO. Mall of Muscat deal Lulu continues to deepen its Gulf-wide network. In Oman, there was the tie up between Tamani Global and LuLu International Holdings to 'support' the operational development and asset performance of Mall of Muscat. The Oman mall covers 1 million plus square feet of leasable area and hosts more than 170 retail outlets—including the 'Oman Aquarium', the first of its kind in the Sultanate. And this week, in the UAE, it was confirmed that the Ministry of Financeis integrating Lulu's B2B e-commerce platform - LuLuOn - into the UAE federal government's digital procurement system. What this means is that UAE government agencies can now access LuLu's product catalogue directly within the government's e-procurement platform. "Lulu Retail remains operationally strong, and there are still new areas of growth coming through," said a market analyst. "Somehow, so far, Lulu Retail's share price has not been able to catch up.
The National
07-04-2025
- Business
- The National
UAE economy grew 3.9% in 2024 on non-oil sector boost, Central Bank says
The UAE's economy grew by 3.9 per cent in 2024, its central bank has said, driven by growth momentum in the country's non-oil sectors as the Arab world's second-largest economy continues to push for diversification. Real gross domestic product for the 12-month period to the end of December grew 1 percentage point less than the UAE Central Bank's earlier estimate of 4 per cent. The banking regulator expects the country's GDP to expand at 4.7 per cent in 2025 and by 5.7 per cent in 2026, it said in its 2024 annual report released on Monday. The non-oil economy grew by 4.6 per cent last year and is expected to touch 5.1 per cent this year, UAE Central Bank data indicated. The country's hydrocarbon GDP, which contracted by 3.1 per cent in 2023, expanded by 1.6 per cent last year. This year, the central bank expects the oil economy to increase 3.6 per cent and by 8.5 per cent the following year. The headline inflation in the country is estimated to have reached 1.7 per cent last year and is expected to grow further to 2 per cent this year, central bank data showed. The economic growth last year was 'supported by a robust non-hydrocarbon sector performance and gradual recovery in hydrocarbon activities', while this year's growth will be 'driven by strengthening performance across both hydrocarbon and non-hydrocarbon sectors', the report said. 'The energy sector is expected to benefit from the planned easing of production cuts starting in Q2 2025, while the non-hydrocarbon sector continues to gain from government initiatives supporting foreign investment and economic diversification', and these trends, 'combined with increased oil and gas production', will further boost growth next year, it added. The UAE has been focusing heavily on diversifying its economy from oil by developing sectors such as technology, manufacturing, tourism, trade and innovation. The country has introduced several reforms including longer-stay residence visas as well as new visa categories to attract more talent. The UAE's non-oil foreign trade also hit a record Dh3 trillion ($816.9 billion) last year − up 14.6 per cent year-on-year. The Comprehensive Economic Partnership Agreements (Cepas) with various nations, from Colombia to Australia, have contributed Dh135 billion to the UAE's non-oil trade with partner nations, an increase of 42 per cent compared to the previous year, Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai, said last month. Cepas aim to reduce tariffs and remove bottlenecks that hamper trade. This programme is projected to increase national exports by 33 per cent and add more than Dh153 billion to the economy by 2031. The UAE banking system also continued to achieve 'exceptional strides' in 2024, with total banking sector assets reaching Dh4.56 trillion ($1.24 trillion)', a 12 per cent year-on-year rise. The sharp growth in banking assets last year has reinforced its 'well-established foundations with strong fundamentals, reflected in high capitalisation levels, strong profitability, sufficient liquidity and stable financial reserves', the central bank said. 'Our transformative initiatives and projects, launched during 2024, have contributed to enhancing the efficiency and competitiveness of the financial sector, building a more resilient and sustainable financial system," said UAE Central Bank governor Khaled Balama.
Khaleej Times
25-03-2025
- Business
- Khaleej Times
Amlak posts Dh52 million net group profit after income tax for FY24
Amlak Finance on Tuesday reported a net profit of Dh52 million for the year ended 31 December 2024 as compared to a net profit of Dh259 million for the year ended 31 December 2023. Amlak's revenues from financing and investing business activities for the year 2024 increased by 10 per cent to Dh135 million as compared to Dh122 million in year 2023. Amlak's total revenue for the year 2024 decreased by 23 per cent to Dh347 million as compared to Dh452 million during the previous year. Amlak's operating costs for the year fell 20 per cent to Dh119 million, compared to Dh149 million last year. The company's debt settlement arrangements, through cash remained successful during the year, enabling two financiers to fully settle their exposure during the year ended 31 December 2024. The company recorded a net gain of Dh45 million (2023: Dh174 million) on debt settlement arrangements and was able to reduce its debt burden by Dh238 million. The company continued to efficiently manage its obligations, with repayment of Dh519 million to financiers. An agreement has been reached with the six remaining financiers on the repayment plan for the outstanding balance of Dh971 million. To date, Amlak has settled 91 per cent of its Islamic deposit liabilities including Mudaraba Instrument relating to financiers. In the region, Amlak's investment in Egypt witnessed the devaluation of the Egyptian Pound against the UAE dirham, which impacted the group's financial position. In KSA, the investment yielded an income of Dh9 million. Jamal Hamed Almarri, Chairman of the board of directors of Amlak Finance PJSC, said: '2024 was a year of measured, strategic management for us. Amidst challenges, we reinforced our foundation with a focus on operational efficiency and prudent debt management. These efforts have strengthened us and positioned us to navigate an evolving market with confidence. Looking ahead, we remain committed to capitalizing on opportunities within the UAE's dynamic real estate sector, coupled with a focus on long-term value creation, that will drive Amlak's future growth. We are dedicated to delivering value to our stakeholders while contributing to the sector's progress and innovation.' Arif Albastaki, CEO of Amlak Finance PJSC, said: 'We have demonstrated resilience and unity which will serve as the foundation for a brighter year ahead. In our journey, we are overcoming key financial headwinds and making steady progress in debt management, which will be our primary focus for 2025 facilitating Amlak's transition. This year, we remain focused on seizing all opportunities and continue to progress towards achieving our long-term objectives. This relentless pursuit of growth and excellence is grounded in our belief in the power of innovation to create sustainable value for our stakeholders. Amlak achieved key milestones in December 2024 including the successful exit of two out of eight financiers at 70 per cent settlement, that yielded a net gain of Dh45 million. This has strengthened our financial position and enabled us to direct our focus towards future opportunities.'
