More Arab nationals now remit money back home

Dubai - Remittances within the Middle East are rising rapidly, says research

The Middle East has cemented its place as one of the top outward remittance hubs in the world, with the figure in excess of $120 billion for 2015.

Research conducted by Xpress Money indicates that remittances within the Middle East are rising rapidly as well, particularly with Arab nationals transferring money from GCC countries to other Arab countries.

Xpress Money research indicates that not only are Arabs sending money more frequently, but the amounts also tend to be larger.

Of all Arab expatriates surveyed, 71 per cent send money home, with 38 per cent sending money home at least once a month, and another 32 per cent sending money at least every two to three months.

On an average, Arabs are also more likely to send more money home, with figures showing expat Arab remitters based in select GCC countries regularly transferring amounts in the $700 to $1,000 range.

While the $120 billion outward remittances for the Middle East includes destinations around the world, non-GCC Arab countries are rising on the list. Egypt continues to be in the top 10 list of remittance-receiving countries.

"The GCC is considered a vibrant job market for Middle Eastern expatriate Arabs. They understand the culture and the language, and are well placed to take advantage of job opportunities created through trade, tourism and large events such as the upcoming Expo 2020. We are seeing this demographic increase not just in numbers but also spending power and the desire to remit money back home. With the GCC job market staying largely secure, we expect these trends to continue and even accelerate," says Xpress Money's COO Sudhesh Giriyan.
- business@khaleejtimes.com