More than half of UAE residents who sent money to family and friends over the past year believe their loved ones would have struggled financially without their support.
Those findings, from a MasterCard survey of 8,000 customers in 15 countries, gives a snapshot of the reality of the cost-of-living crunch worldwide.
In total, 66 per cent of UAE residents sent more money in the past year to family abroad than they normally would.
The UAE was the world's largest source of remittances in 2020, with $43 billion flowing outwards to home nations. Only the US was ahead, with Saudi Arabia one place behind.
“Concerns about these family members are one of the main reasons the number of cross-border payments continues to increase, especially in countries with large numbers of migrant workers,” the MasterCard report said.
In countries such as Lebanon, close to one third of gross domestic product is generated from foreign cash flowing in, much of it from expatriates in the US and Gulf.
With a bleak winter on the horizon for many in the Northern Hemisphere, and amid soaring inflation, the proceeds of hard-working expats queuing outside exchange booths on Fridays will be appreciated around the world.
Deepthi Nair has all the details her
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