Foreigners working in the energy-rich Arab states of the Gulf sent more than $100 billion in remittances to their home countries last year, an economic report showed Tuesday.
The figure was twice as high as remittances in 2010, an indication of strong growth, the head of economic research at Kuwait Financial Center (Markaz), Raghu Mandagoathur, said in the report.
Around 25 million expats live in the Gulf Cooperation Council states — Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the United Arab Emirates — equal to the native population.
The remittances are estimated at 6.2 percent of the combined GDP of the six GCC states of $1.6 trillion, the report said, citing IMF and World Bank figures.
In comparison, foreigners in the United States and Britain sent home just 0.7 percent and 0.8 percent of GDP, respectively, it said. Full story...
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The figure was twice as high as remittances in 2010, an indication of strong growth, the head of economic research at Kuwait Financial Center (Markaz), Raghu Mandagoathur, said in the report.
Around 25 million expats live in the Gulf Cooperation Council states — Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the United Arab Emirates — equal to the native population.
The remittances are estimated at 6.2 percent of the combined GDP of the six GCC states of $1.6 trillion, the report said, citing IMF and World Bank figures.
In comparison, foreigners in the United States and Britain sent home just 0.7 percent and 0.8 percent of GDP, respectively, it said. Full story...
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