Global slowdown and slump in the real estate sector has impacted remittance from the United Arab Emirates (UAE) which recorded a decline of 15 per cent in 2009, according to information provided by the Chairman of Al Ansari Exchange.

Expatriates from India, Pakistan, Bangladesh, Sri Lanka, Nepal and the Philippines, who are working in the UAE, do many transactions to send money to their home countries. However, currency fluctuations hit the remittance business as people waited for decline in the currency of their respective country.

Mohammed Al Ansari told, "Foreign exchange remittances by expat workers in the UAE are estimated to be worth between Dh45 billion and Dh50bn per year. Due to the slowdown in the construction and real estate sectors, remittances along some corridors have dropped by 15 per cent."

Al Ansari Exchange, however, said that it would continue with its branch expansion business despite decline in business. The exchange, having a network of 90 branches, is pondering to come up with at least 15 new branches in the current year, half of which are expected to be opened in Abu Dhabi and Al Ain.