Half of re­mit­tances from UAE go to In­dia

The Pak Banker - - INTERNATIONAL BUSINESS/SPORTS -

Nearly half of an­nual in­di­vid­ual over­seas money trans­fers from the UAE are to­wards In­dia. In 2014, in­di­vid­ual re­mit­tances from the UAE to In­dia -- the largest re­ceiver of re­mit­tances in the world -- rose to be­tween $12 bil­lion and $15 bil­lion. This fig­ure is not in­clu­sive of ex­port earn­ings, for­eign di­rect in­vest­ment and for­eign in­sti­tu­tional in­vest­ments, ac­cord­ing to Sud­hir Ku­mar Shetty, pres­i­dent of the UAE Ex­change. The UAE is the host to 2.65 mil­lion In­dian mi­grants.

In the UAE, which is home for over 200 na­tion­al­i­ties, mainly eight coun­tries -In­dia, Egypt, Pak­istan, Bangladesh, In­done­sia, Philip­pines, Sri Lanka and Ye­men -- to­gether ac­counted for $26.607 bil­lion of the to­tal re­mit­tance of $29.25 bil­lion. Re­mit­tances from Kuwait and Qatar were $12 bil­lion and $9.5 bil­lion re­spec­tively, while smaller trans­fers were made out of Oman and Bahrain, a re­port said. Around 25 mil­lion ex­pa­tri­ates live in the GCC states -- al­most equal to the na­tive pop­u­la­tion.

In­dia re­ceived $70.39 bil­lion in re­mit­tances from across the world in 2014. That is ahead of China, which got $64.14 bil­lion, and more than all the re­mit­tances re­ceived by the Philip­pines, Mexico and Pak­istan com­bined. The Philip­pines ($28 bil­lion) came third, fol­lowed by Mexico ($25 bil­lion) and France ($25 bil­lion).

Ac­cord­ing to the World Bank,

in 2014, to­tal global re­mit­tances were $583 bil­lion. US led the send­ing mar­kets with $131 bil­lion trans­ferred out, fol­lowed by Saudi Ara­bia ($45 bil­lion), the UAE ($29.6 bil­lion), the UK ($25 bil­lion) and Ger­many ($24 bil­lion). The World Bank es­ti­mates that the six GCC coun­tries trans­ferred $102 bil­lion in 2014, mostly to South Asian na­tions of In­dia, Bangladesh, the Philip­pines, Pak­istan, Sri Lanka and Nepal. The amount is es­ti­mated at 6.2 per cent of the com­bined gross do­mes­tic prod­uct, or GDP, of the GCC states at $1.6 tril­lion. Ac­cord­ing to a re­port by Kuwait Fi­nan­cial Cen­tre, the out­bound GCC re­mit­tance fig­ure was twice as high as re­mit­tances in 2010, re­flect­ing a steady growth.

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