You are here: Home » News-IANS » Diaspora
Business Standard

Saudi Arabia tops Gulf states among remittance sending countries

IANS  |  Abu Dhabi 

Three countries rank in the top 10 category among remittance-sending countries, with ranking second to the US with regard to remittances sent abroad - at $37 billion.

Statistically, stands out as the largest source of remittances in the world in terms of gross domestic product (GDP), at around 5 per cent, according to the "Migration and Remittances Factbook 2016".

The report is brought out by Knomad (or the Global Knowledge Partnership on Migration and Development), a trust fund created by the World Bank with contributions from Germany, Sweden and Switzerland as well as Migration and Asylum Policy, the news reported.

Remittances from the UAE and Kuwait stood at $19 billion and $18 billion, respectively. The figures date back to 2014, hence do not absorb the possible effects of the plunge in oil prices on outgoing remittances.

The other Cooperation Countries (GCC) are noted for being top recipients of immigrant workers, with their share of the population being around 91,88,72 and 54 per cent in Qatar, the UAE, Kuwait and Bahrain, respectively.

In fact, Qatar and the UAE are the first and second largest recipients of immigrants globally, something extraordinary by all means. The stats add to the phenomenon of GCC economies being open for business at large including employment.

Recent comments made by top officials dealing with key economic policies in provide comfort with regards to remittances. More specifically, there is no plan for applying tax on outgoing remittances. This is vital, as the kingdom seeks fresh ways to bolster revenue sources for the treasury.

Statistics released by the Saudi Ministry of Labor and Social Development put the number of foreign workers in the private sector at a robust 8.7 million. In addition, some 72,000 expatriates work for different public sector entities. Around 720,000 work as household workers.

Altogether, some 9.4 million expatriates work and live in the kingdom after including domestic workers. The GCC is also noted for being receptive towards foreign workers.

This is even true in countries in economies where there is unemployment among locals like in Saudi Arabia, Bahrain and Oman, according to News.

--IANS

sm/rn

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

RECOMMENDED FOR YOU

Saudi Arabia tops Gulf states among remittance sending countries

Three Gulf countries rank in the top 10 category among remittance-sending countries, with Saudi Arabia ranking second to the US with regard to remittances sent abroad - at $37 billion.

Three countries rank in the top 10 category among remittance-sending countries, with ranking second to the US with regard to remittances sent abroad - at $37 billion.

Statistically, stands out as the largest source of remittances in the world in terms of gross domestic product (GDP), at around 5 per cent, according to the "Migration and Remittances Factbook 2016".

The report is brought out by Knomad (or the Global Knowledge Partnership on Migration and Development), a trust fund created by the World Bank with contributions from Germany, Sweden and Switzerland as well as Migration and Asylum Policy, the news reported.

Remittances from the UAE and Kuwait stood at $19 billion and $18 billion, respectively. The figures date back to 2014, hence do not absorb the possible effects of the plunge in oil prices on outgoing remittances.

The other Cooperation Countries (GCC) are noted for being top recipients of immigrant workers, with their share of the population being around 91,88,72 and 54 per cent in Qatar, the UAE, Kuwait and Bahrain, respectively.

In fact, Qatar and the UAE are the first and second largest recipients of immigrants globally, something extraordinary by all means. The stats add to the phenomenon of GCC economies being open for business at large including employment.

Recent comments made by top officials dealing with key economic policies in provide comfort with regards to remittances. More specifically, there is no plan for applying tax on outgoing remittances. This is vital, as the kingdom seeks fresh ways to bolster revenue sources for the treasury.

Statistics released by the Saudi Ministry of Labor and Social Development put the number of foreign workers in the private sector at a robust 8.7 million. In addition, some 72,000 expatriates work for different public sector entities. Around 720,000 work as household workers.

Altogether, some 9.4 million expatriates work and live in the kingdom after including domestic workers. The GCC is also noted for being receptive towards foreign workers.

This is even true in countries in economies where there is unemployment among locals like in Saudi Arabia, Bahrain and Oman, according to News.

--IANS

sm/rn

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

image
Business Standard
177 22

Saudi Arabia tops Gulf states among remittance sending countries

Three countries rank in the top 10 category among remittance-sending countries, with ranking second to the US with regard to remittances sent abroad - at $37 billion.

Statistically, stands out as the largest source of remittances in the world in terms of gross domestic product (GDP), at around 5 per cent, according to the "Migration and Remittances Factbook 2016".

The report is brought out by Knomad (or the Global Knowledge Partnership on Migration and Development), a trust fund created by the World Bank with contributions from Germany, Sweden and Switzerland as well as Migration and Asylum Policy, the news reported.

Remittances from the UAE and Kuwait stood at $19 billion and $18 billion, respectively. The figures date back to 2014, hence do not absorb the possible effects of the plunge in oil prices on outgoing remittances.

The other Cooperation Countries (GCC) are noted for being top recipients of immigrant workers, with their share of the population being around 91,88,72 and 54 per cent in Qatar, the UAE, Kuwait and Bahrain, respectively.

In fact, Qatar and the UAE are the first and second largest recipients of immigrants globally, something extraordinary by all means. The stats add to the phenomenon of GCC economies being open for business at large including employment.

Recent comments made by top officials dealing with key economic policies in provide comfort with regards to remittances. More specifically, there is no plan for applying tax on outgoing remittances. This is vital, as the kingdom seeks fresh ways to bolster revenue sources for the treasury.

Statistics released by the Saudi Ministry of Labor and Social Development put the number of foreign workers in the private sector at a robust 8.7 million. In addition, some 72,000 expatriates work for different public sector entities. Around 720,000 work as household workers.

Altogether, some 9.4 million expatriates work and live in the kingdom after including domestic workers. The GCC is also noted for being receptive towards foreign workers.

This is even true in countries in economies where there is unemployment among locals like in Saudi Arabia, Bahrain and Oman, according to News.

--IANS

sm/rn

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

image
Business Standard
177 22

Upgrade To Premium Services

Welcome User

Business Standard is happy to inform you of the launch of "Business Standard Premium Services"

As a premium subscriber you get an across device unfettered access to a range of services which include:

  • Access Exclusive content - articles, features & opinion pieces
  • Weekly Industry/Genre specific newsletters - Choose multiple industries/genres
  • Access to 17 plus years of content archives
  • Set Stock price alerts for your portfolio and watch list and get them delivered to your e-mail box
  • End of day news alerts on 5 companies (via email)
  • NEW: Get seamless access to WSJ.com at a great price. No additional sign-up required.
 

Premium Services

In Partnership with

 

Dear Guest,

 

Welcome to the premium services of Business Standard brought to you courtesy FIS.
Kindly visit the Manage my subscription page to discover the benefits of this programme.

Enjoy Reading!
Team Business Standard