Close X
Thursday, November 28, 2024
ADVT 
India

Saudi Arabia Tops Gulf States Among Remittance Sending Countries

Darpan News Desk, 30 Nov, 2016 12:03 PM
    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.

    MORE India ARTICLES

    Navjot Singh Sidhu Is An Opportunist: Punjab Chief Minister Parkash Badal

    Navjot Singh Sidhu Is An Opportunist: Punjab Chief Minister Parkash Badal
    Punjab Chief Minister Parkash Singh Badal today said "disarrayed and opportunist" people like Navjot Singh Sidhu are "good for nothing" in public life.

    Navjot Singh Sidhu Is An Opportunist: Punjab Chief Minister Parkash Badal

    Demonetisation: Prayer Bookings, Donations At Golden Temple See Drastic Decline

    Demonetisation: Prayer Bookings, Donations At Golden Temple See Drastic Decline
    It costs Rs 6,100 and the waiting period can be three years, but new bookings have come down from 50 a day to a maximum of 10, as people do not have enough cash.

    Demonetisation: Prayer Bookings, Donations At Golden Temple See Drastic Decline

    Navjot Kaur Sidhu, Pargat Singh Will Join Congress On Nov 28

    Navjot Kaur Sidhu, Pargat Singh Will Join Congress On Nov 28
    "Awaaz-E-Punjab leaders Dr. Navjot Kaur Sidhu and Pargat Singh will formally join the Congress party on November 28 in New Delhi," Amarinder said in New Delhi.

    Navjot Kaur Sidhu, Pargat Singh Will Join Congress On Nov 28

    Ajeet Singh: Fighting Trafficking Head-On

    Ajeet Singh:  Fighting Trafficking Head-On
    For nearly three decades, Guria has been waging a war against trafficking by rescuing minors and second generation prostitutes from trafficking, rehabilitating them and fighting cases against pimps and brokers so they do not integrate back into society as repeat offenders. 

    Ajeet Singh: Fighting Trafficking Head-On

    Navjot Sidhu Set To Merge Awaaz Front Into Congress?

    Navjot Sidhu Set To Merge Awaaz Front Into Congress?
      “The meeting is just between Sidhu and Rahul. No joining is likely tomorrow (Wednesday). A formal announcement is expected later this week,” sources said.

    Navjot Sidhu Set To Merge Awaaz Front Into Congress?

    Punjab Congress Misses Its Deadline As AAP, Akalis Announce Candidates

    Punjab Congress Misses Its Deadline As AAP, Akalis Announce Candidates
    While assembly elections are likely to be held in the last week of January or early February, as per Election Commission of India officials, the Congress is still grappling with the names of its candidates for the 117 constituencies.

    Punjab Congress Misses Its Deadline As AAP, Akalis Announce Candidates