UAE tops money sender through mobile phones

The UAE has topped the Gulf Cooperation Council (GCC) states in conducting funds transfer operations through mobile phones during 2015.

According to a report issued by Ernst and Young Foundation, the UAE accounted for 34 per cent of funds transfer operations conducted via mobile phones in the GCC region followed by Kuwait with 27 per cent while Qatar came on the third place with 19 per cent and Bahrain on the fourth with 15 per cent.

The report also revealed that emerging technologies including the internet of Things are expected to add more than $14 billion to the world’s twenty biggest economies by 2030, representing the fifth source of the current World GDP sources.