DUBAI, UAE: Delma Exchange, a leading provider of foreign exchange solutions, underscores the critical importance of robust forex services in the vibrant UAE corridor. As a renowned global destination for expatriates and a thriving economic hub, the United Arab Emirates (UAE) serves as a dynamic market with a diverse expat population and a forward-thinking financial sector. Against this backdrop, Delma Exchange plays a pivotal role in meeting the growing demands of individuals and businesses for efficient and reliable forex solutions.

As a key player in the global remittance market, the UAE ranks second only to the United States in outbound remittances. Exchange houses in the UAE facilitate approximately AED 180 billion worth of outbound remittances each year, reinforcing the country's position as a vital bridge connecting families and businesses across borders.

The UAE's strategic efforts to establish itself as a global leader in economic and social spheres have attracted top-tier foreign companies and talented professionals to call it their home. This has led to an upsurge in job opportunities, a burgeoning expat population, and higher income levels. Consequently, the demand for remittances, both inbound and outbound, is expected to experience further growth. In response to the evolving landscape, the UAE has prioritized technological advancements in the financial services sector, leading to the emergence of new fintech companies. These advancements have revolutionized the remittance process, making it faster, safer, and more convenient than ever before.

Delma Exchange is at the forefront of this digital transformation, offering customers a seamless online platform that caters to both corporate and individual clients. With spot, forward, and market order services available in 41 currencies, Delma Exchange ensures a superior customer experience and efficient transactions.

"Foreign exchange solutions play a crucial role in the UAE corridor, and Delma Exchange recognizes their significance," says Zahir Moghal, CEO of Delma Exchange. "As a trusted provider of forex services, we are dedicated to delivering efficient and reliable remittance transactions for individuals and businesses alike. Given the UAE's status as a global economic hub and its multicultural expat community, coupled with its focus on technological advancement, the demand for forex solutions is poised to keep growing. As the market becomes more sophisticated and focuses on digitality, Delma Exchange is committed to meeting this demand by offering our customers seamless, secure, and convenient forex services in the digital era,” he adds.

The UAE's multicultural expatriate community, which comprises approximately 88% of the total population, generates a substantial volume of outbound remittances. Among the numerous destination countries, India, Pakistan, and the Philippines receive a significant share due to their sizable communities in the UAE. Notably, the Indian expatriate community, constituting roughly 30% of the UAE population, consistently makes the India corridor the highest performing among other corridors. Inward remittances to India reached an all-time high, surpassing AED 367 billion last year, with the UAE accounting for 18% of India's total remittances. Similarly, the Pakistan corridor witnessed significant inward remittances from the UAE, amounting to approximately AED 18.5 billion in 2022. However, recent economic challenges and exchange rate fluctuations in Pakistan have impacted inward remittances, highlighting the need for reliable forex solutions.

Remittance volumes from the UAE exhibit seasonal patterns, peaking during key events, religious festivals, and vacation periods. On average, remittance volumes experience double-digit growth during these periods, ranging from 15% to 60%, with the period from Ramadan to Eid witnessing the highest surge. The current market conditions, with several currencies depreciating against the USD, make remittance services even more appealing. For instance, both the Indian and Pakistani rupee have reached all-time lows, declining by 33.37% and 66.71% respectively over the past decade. Customers tend to time their remittances strategically to maximize their exchange rates, leading to an increased frequency of transactions. The World Bank projects a 2% increase in global remittance inflows in 2023, following a 4.9% growth in the previous year.

Looking ahead, Delma Exchange foresees rapid growth and transformation in the UAE's forex and remittance market over the next five years. The rise of fintech companies has compelled traditional exchange houses to modernize their product offerings to remain competitive. With over 686 fintech companies, including start-ups and global unicorns, the Dubai International Financial Centre (DIFC) has become a vibrant fintech hub, building a need for more digital solutions. Delma Exchange remains at the forefront of this innovation, capitalizing on the growing demand for technologically advanced forex solutions.

“Delma Exchange recognizes the market's demand for digitized outward remittance transactions and has launched its own digital solution project. The online platform will offer individuals and corporations the convenience of conducting forex transactions from the comfort of their homes or offices. With a focus on enhancing the customer experience and delivering efficient ways of transacting, Delma Exchange's digital platform will provide spot, forward, and market order services in 41 currencies. The platform is scheduled for release in the fourth quarter of this year, enabling customers to enjoy seamless and secure forex transactions,” said Fares El Zaemy, Senior Corporate Dealer at Delma Exchange.

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About Delma Exchange

Operating in the UAE for over a decade as a trusted partner for foreign exchange transactions, Delma Exchange offers strategic guidance on global remittance, foreign exchange market insights, trading knowledge and industry expertise. Delma Exchange works closely with its clients across the corporate and retail space to provide a broad range of services like WPS, currency exchange, local, regional and international hassle-free money transfer, business transfers, spot foreign exchange, market orders and much more.

For more information, interview requests with founder or service trials, contact:
Injeel Moti
injeel@catchcomms.com
Jibran Chouguley
jibran@catchcomms.com
Catch Communications
www.catchcomms.com