Al Ansari Exchange records a 185% growth in foreign currency exchange transactions in the past 6 months accelerated by Dubai Expo 2020

Al Ansari Exchange recorded a 185% growth in foreign currency exchange transactions of non-residents during the six-month hosting period of Dubai Expo 2020 compared to the same period the year before and a 66% growth compared to the pre-pandemic period (October 2019 to March 2020). The top currencies to witness an increase in foreign exchange transactions during Dubai Expo 2020 were the US Dollar, Euro, British Pound, Saudi Riyal and Indian Rupee.

The gathering of 192 participating countries in the emirate and the influx of visitors, businesses and investors have fueled a noticeable increase in foreign exchange activities since the Expos grand opening in October 2021. Being held under the theme Connecting Minds, Creating the Future, the Expo has welcomed, as of 29 March around 23 million visitors as per official sources. Other factors such as the return of in-person conferences and ease of travel restrictions have also contributed to this growth.

Rashed A. Al Ansari, CEO of Al Ansari Exchange, said: Dubai Expo 2020 was truly the first of its kind in the region, and it has delivered on its promises successfully despite the pandemic. We are confident it will continue to have a significant and sustainable impact and will continue to drive more activities and Foreign Direct Investmentsnot only in Dubais economy but in that of the UAE and the wider Middle East and North Africa (MENA) region. Our outlook is a minimum of 5% increase in remittances over the next year, buoyed by factors such as human resource requirements and capital flows into the local market.

According to Dubais Department of Economy and Tourism (DET), international visitorsto the emirate passed 3.4 million in the fourth quarter of 2021, when Dubai Expo 2020 was launched. Dubaialso hosted7.28 million international overnight visitors between January and December 2021.