Al Ansari eyes Egypt market with NBE link

Dubai: Al Ansari Exchange, a Dubai-based provider of money remittances and foreign currency exchange services, has signed a strategic partnership with the National Bank of Egypt (NBE), the oldest and largest commercial bank in Egypt.

Al Ansari revealed that its focus on Egypt is being driven by the growth potential projected for the local remittance industry, with the country ranking as among the top 10 leading money transfer destinations across the globe.

According to statistics released by the World Bank, a total of $8.7 billion (Dh31 billion) in cash transfers was recorded in 2008, and an estimated $7.8 billion was posted in 2009. It is projected that the figure will grow by 6 per cent in the current fiscal year.

Egypt-bound remittances from the UAE have been rising over the years, due to the growing number of Egyptians residing in the emirates.

Similarly, the UAE has also seen significant growth in money transfer transactions originating from Egypt and other fast-growing economies, given that 80 per cent of the local population is composed of expatriates from all over the globe.

The inclusion of NBE among Al Ansari Exchange's global partners is also expected to strengthen its line-up of remittance and foreign exchange services offered to Egyptians who regularly send money home.

Economic resilience

"Egypt has shown its economic resilience amid the global financial crisis, and the continuous remittance flow in the country makes it a key market for us," said Mohammad Ali Al Ansari, Managing Director of Al Ansari Exchange.

"While the strength of our over 150-strong global correspondent banks and agents network allows us to provide enhanced services to customers who send and receive money from this major market, this new partnership with the National Bank of Egypt will further boost the level of services and products we offer our customers. Through the strength of our new partner's nationwide network, we will be able to make our offerings even more accessible to a wider customer base in the country who are seeking excellent currency rates and fast and reliable money transfer services."

Underlining its confidence in the growth of the remittance sector, Al Ansari Exchange has been undertaking intensive efforts to streamline its operations and expand its partner network.

In addition to its newest partnership in Egypt and as part of the leading exchange house's efforts to achieve the targets it has set for the current year, it intends to open a total of 100 branches across the UAE.