Thursday , October 19 2017

Kuwait among top six countries with highest expat remittances

KUWAIT CITY, June 21: Kuwait is among the top six countries worldwide with highest expatriate remittances.

According to a study conducted by Al-Shahed daily, the volume of remittances sent by expatriates in the Gulf countries exceeded $100 billion, which constitutes 23 percent of the total transfers of $445 billion worldwide last year.

Thereby, Kuwait was ranked third after the United States, which topped with $117 billion followed by Europe with $115 billion.

Saudi Arabia, Kuwait, the United Arab Emirates, Qatar and Oman were among the top 20 countries with high remittances being sent overseas. Kuwait was ranked sixth in the world in terms of remittances, while Saudi Arabia was ranked second in the world and first at Gulf level.

The UAE was ranked fifth, Qatar ranked tenth and Oman ranked twelfth. The study revealed that remittances sent from the Gulf countries represent 6 percent of the gross domestic product (GDP) of these countries, and 93.2 percent of the total remittances are from the Arab region.

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