FERG highlights a successful year

The Foreign Exchange and Remittance Group members at the 2016 Annual General Meeting held in Dubai.

The Foreign Exchange and Remittance Group (FERG), comprising businesses engaged in the money exchange and remittance industry, has held its 2016 Annual General Meeting in Dubai.
The event reviewed the membership organisation's performance for the year, examined key accomplishments, set the agenda for 2017 and saw the re-election of the group's committee members from 2017 to 2019.
Present at the event were Saeed Al Najjar from the Dubai Chamber of Commerce and Industry as the guest of honour, Mohammad Ali Al Ansari, FERG Founding Chairman, Osama Al Rahma, FERG Chairman, Sudhir Kumar Shetty, FERG Vice Chairman, Rajiv Raipancholia, FERG Secretary, Adeeb Ahamed, FERG Treasurer and Karunakaran, FERG Joint Treasurer.
Al Rahma chaired the meeting and formally initiated proceedings with a welcome speech where he lauded FERG members for supporting the organisation's vision of a transparent and robust exchange and remittance sector in the UAE. He also praised the support of the UAE leaders in securing a stable and innovative environment where business can thrive.
Raipancholia delivered a recap of FERG's achievements for the year, and an overview of the strength of the remittance industry. He noted that the global remittance industry was expected to hit $626.4 billion in 2017 - growing at around 3.97 per cent compared to 2016, despite global macroeconomic challenges.
In the UAE, 138 exchange houses have over 1,000 functioning outlets and collectively employ 13,000 plus employees - around 1,200 of whom are UAE nationals. 
The AGM highlighted FERG's outreach initiatives through the year, such as participation in industry events. FERG office bearers also liaised regularly with the Dubai Economic Department for business community engagement initiatives, and also held meetings with the UAE Central Bank's governor and teams.
The AML also saw Adeeb Ahamed present FERG's official audited accounts for 2015 as well as the estimated accounts for 2016. He also presented a budget for 2017, which was approved by attending members.
During the AGM, FERG officials called on members to continue supporting the organisation and its goals while cooperating actively with law enforcement and regulator queries.
"In view of the economic challenges faced by many markets globally, it is heartening to see worldwide remittances growing, and regional corridors of money transfer staying robust. FERG and its members have a vital role to play in catalysing industry vitality and promoting transparency, competitiveness, diligence and exemplary customer service," Al Rahma added.
Sudhir Kumar Shetty closed formal AGM proceedings in a speech where he lauded outgoing FERG board members for their contribution and formally welcomed the new elected members of the FERG board.