Plan to curb level of remittances in UAE
Expatriates may be compelled to invest their savings in the UAE if the recommendations made by a key government body are implemented.
A study by the Abu Dhabi Chamber of Commerce and Industry (Adcci) has come up with several recommendations to restrict the level of remittances by expatriate workers in the UAE.
"It is a factual report that we have brought out after undertaking a study about the remittance pattern in the UAE," said an official of the Information Centre of Adcci that made the report public.
"The UAE must set up a proper investment mechanism to keep savings of expatriates in the country as long as possible and encourage expats to invest their savings in the country instead of transferring them to their countries," recommends the report made available to Gulf News.
The study also recommends setting up special residential areas for low-income expats and thus encourage them to bring their families and reduce remittances.
Expatriates comprise 89 per cent of the workforce in the country with Asian labour representing 75 per cent while Arab workers account for 11 per cent.
The remaining workers belong to various nationalities.
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