Eight Arab Postal Corporations, Emirates Post sign money transfer deal

Geneva, Aug 13, 2008 (WAM) - Eight Arab postal corporations, led by Emirates Post, have signed an agreement to implement a regional, low-cost post-to-post money transfer system, which is backed by Universal Postal Union (UPU) IFS application and international financial network.

"The multilateral agreement will allow the Arab region and some countries in
Asia and Africa to provide reliable and cost-effective money transfer
services through secure channels to migrant workers," said Ibrahim Bin
Karam, CEO of Emirates Post. He added, "The service has huge potential as
over 80 per cent of the UAE population consists of expatriates, and the
situation is somewhat similar in other Gulf countries." The agreement was
signed on the sidelines of the 24th UPU Congress in Geneva recently by
postal leaders of Egypt, Jordan, Morocco, Qatar, Syria, Tunisia, Yemen and
the United Arab Emirates.

Other Arab countries are expected to join the regional network by the end of
2008, it was revealed at the Congress. The project, launched by the Arab
League and implemented by a regional steering committee chaired by Emirates
Post and supported by French Post, will allow participating postal operators
to conduct money transfer operations on a multilateral basis.

The new service gives a boost to UPU's efforts to improve access to secure
and reliable money transfer services through formal channels for rural
populations, and more specifically for migrant workers.

UPU's IFS is a reliable, adaptable and easy-to-use tool and can be installed
in the remotest areas of the world. The UPU anticipates that financial
services could generate up to 50 per cent of a country's postal revenues,
and by promoting IFS, the dominance of big players would be reduced, thus
offering customers, especially migrant workers, a cost-effective system of
electronic money transfer.