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02 December 2023

Wall Street Exchange to hire 100 in 3 months

C. Radhakrishnan, Chief Operating Officer of Wall Street Exchange (Supplied)

By Waheed Abbas

Foreign exchange services firm Wall Street Exchange will expand its workforce by 22 per cent in the UAE in the next three months as it extends branch network, said a senior official.

C. Radhakrishnan, COO of Wall Street Exchange, said the group will add four more to its network of 32 branches in the UAE as work on these new branches is in progress. The branches are scheduled to open in the next three months across the country.

“We’ll hire 25 staff for each branch and a total of 100 for the four branches. We currently employ 450 people across 32 branches,” he said.

The new 100 employees will increase its workforce by 22 per cent to 550.

The company will also open one more branch each in Hong Kong and the United Kingdom in the coming months.

It’s also expanding its network of more than 750 kiosks across the country. “The kiosks help us to widen customer base… they serve as our virtual branches,” he added.

Commenting on the remittances, Wall Street Exchange COO said it recorded good growth as the US dollar strengthen helped the UAE-based Asian workers to remit more funds over the last few quarters. Since the UAE dirham is pegged to the greenback, rise in dollar value helps workers to remit more money to their families in home countries.

“January 2015 was good in terms of remittances because dollar strengthened and we saw increase in remittances from the UAE to Asian countries mainly India, Pakistan, Bangladesh and Philippines,” he said.

Wall Street’s major rival UAE Exchange recently said that expats, mostly Indians, remitted around $14 billion (Dh51.4bn) from the UAE.

Pedro De Vasconcelos, programme coordinator for remittances with the International Fund for Agricultural Development, on Tuesday said that remittances worldwide have increased by 23.7 per cent in the last two years, expected to reach Dh1.83 trillion 2015.