Arab Today, arab today gulf expat workers send home 100bn
Last Updated : GMT 08:39:35
Arab Today, arab today
Arab Today, arab today

Gulf expat workers 'send home $100bn'

Arab Today, arab today

Arab Today, arab today Gulf expat workers 'send home $100bn'

Foreign workers in the United Arab Emirates
Kuwait City - AFP

Foreigners working in the energy-rich Arab states of the Gulf sent more than $100 billion in remittances to their home countries last year, an economic report showed Tuesday.

The figure was twice as high as remittances in 2010, an indication of strong growth, the head of economic research at Kuwait Financial Center (Markaz), Raghu Mandagoathur, said in the report.

Around 25 million expats live in the Gulf Cooperation Council states -- Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the United Arab Emirates -- equal to the native population.

The remittances are estimated at 6.2 percent of the combined GDP of the six GCC states of $1.6 trillion, the report said, citing IMF and World Bank figures.

In comparison, foreigners in the United States and Britain sent home just 0.7 percent and 0.8 percent of GDP, respectively, it said.

Saudi Arabia topped the list with its estimated 10 million expats sending home $44 billion, followed by UAE with 29 billion.

Remittances from Kuwait and Qatar were $12 billion and $9.5 billion, respectively, while smaller transfers were made out of Oman and Bahrain, the report said.

The majority of Gulf expatriates originate from India, Egypt, the Philippines, Bangladesh and Pakistan, as well as Indonesia, Sri Lanka and Yemen.

The report attributed the high level of remittances to curbs applied by GCC states on foreign ownership and investment.

And unlike in Western countries, foreigners have no hope of acquiring citizenship in GCC states regardless of the duration of residence.

The report advised GCC states to encourage expatriates to invest by launching specialised services and opening up their markets to foreign residents, especially the real estate sector.

 

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today gulf expat workers send home 100bn Arab Today, arab today gulf expat workers send home 100bn

 



Arab Today, arab today

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today gulf expat workers send home 100bn Arab Today, arab today gulf expat workers send home 100bn

 



Arab Today, arab today Designer prepared new set of ornaments

GMT 02:45 2017 Wednesday ,28 June

Designer prepared new set of ornaments
Arab Today, arab today France defies terrorism through tourism

GMT 15:18 2017 Saturday ,20 May

France defies terrorism through tourism
Arab Today, arab today Mai Al-Jeddawi presents décor ideas for Ramadan
Arab Today, arab today
Arab Today, arab today

GMT 08:23 2017 Saturday ,24 June

Actress Feryal Yussef received new drama offers

GMT 09:49 2017 Tuesday ,02 May

Girl barred from Malaysia chess competition

GMT 08:48 2017 Saturday ,06 May

Climate science: Bad news gets worse

GMT 16:25 2017 Sunday ,04 June

“Suhoor” is basic meal for fasting

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons

GMT 11:09 2017 Sunday ,25 June

HUAWEI P10 the ‘guru’ of portrait shots

GMT 17:59 2017 Monday ,12 June

Designer Rania Adel reveals her new collection
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday