UAE Exchange targets six billion dollars remittence business

Nitte, Karnataka, Aug 20 (UNI) The UAE Exchange of Abu Dhabi, which had done a total remittance business of 2.76 billion U S dollars, including Rs. 11,867 crore remittances to India alone last year, had targeted to achieve Six billion U S dollar remittance business during the current year.

Addressing MBA students at the Justice K S Hegde Institute of Management (JKSHIM) here Sudhir Kumar Shetty the Chief Operating Officer (COO) of UAE Exchange said that the Exchange had 58 per cent of the market share of the money remittance business in UAE. It was also the member of Society for Worldwide international Fund Transfer (SWIFT).

The UAE Exchange Company which was on the verge of collapse, was bounced back in 1991 becoming one of the top exchange companies among 114 exchange companies in UAE. The company today had its presence in 78 countries functioning from 24,000 locations, he said.

He said that the company had 209 branches in India alone besides 369 branches with 6000 employees in UAE. The company was serving over 52,000 customers per day in UAE alone. The company had also linked with several financial institutions in several countries for its brand product 'Xpress money', he said.

Mr. Sujanya, the Regional Manager of South Region of Big Bazaar who spoke said that the retail industry in India would become the second biggest industry after agriculture, providing ample employment opportunities with several major players like Hero Honda, Bharathi, Mahindra and Reliance entering into the field. There was already witness a 30 per cent salary hike in the retail industry every year with the booming business, he added.

UNI