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Saudi Arabia tops Gulf states among remittance sending countries
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IANS | 01 Dec, 2016
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.
Statistically,
Saudi Arabia 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 Gulf 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 Gulf
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
Saudi Arabia 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 Gulf economies where there
is unemployment among locals like in Saudi Arabia, Bahrain and Oman,
according to Gulf News.
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As on 13 Aug, 2022 |
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