DUBAI: India is the top remittance beneficiary from Saudi Arabia with $8.4 billion received in 2012, the World Bank has said. Saudi Arabia is the second most remittance sending country after the US and is estimated to have sent over $27.6 billion of outward remittance in 2012, Saudi Gazette newspaper has reported. The top three remittance beneficiaries from Saudi Arabia in 2012 are India ($8.4 billion), Egypt ($5.7 billion) and Pakistan ($3 billion). A recent survey conducted by the National Commercial Bank said that the new Nitaqat labour law in Saudi Arabia is expected boost these figures in 2013, as expatriates transfers even money prior to leaving the country. Among the Gulf Cooperation Council (GCC) countries, the UAE comes second in sending remittance, with $20.3 billion, followed by Kuwait at $8.5 billion. Robust oil prices and vibrant economic activity in Saudi Arabia led to a surge in urban development, which in turn, increased demand for foreign labour, said the report. Remittance inflows data released by the World Bank and the IMF Balance of Payments statistics reveal that developing countries received the lions share of remittance inflows. It is estimated that 75.8 per cent or $401 billion of last years total inflows were transferred to developing countries. Moreover, estimates for 2013 indicate a 6.7 per cent year-on-year growth to a total of $427 billion. India, China, the Philippines is set to be the largest recipients. According to the report, the World Bank estimates that India received $69.4 billion in 2012, followed by China and the Philippines receiving $60.2 billion and $24.5 billion, respectively.
Posted on: Wed, 20 Nov 2013 15:32:43 +0000
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