The global remittance market was estimated at $582 billion in 2014. Around 13% of the global remittance (Inward and Outward) is contributed by countries in the Middle East. Saudi Arabia and UAE hold 2nd and 6th place among the top 10 remittance-sending countries in the world. Around 70% of the total remittance sent and received in the region is from the Kingdom of Saudi Arabia (KSA), and the United Arab Emirates (UAE).
Gulf countries in the Middle East region have around 15 million migrant workers. The region is the third largest hub of migration in the world.
Remittance projections in Saudi Arabia and UAE
Inward remittance in KSA is expected to reach around $327 million by 2019, where as outward remittance from KSA is expected to touch $57,397 million by the same time.
Inward remittance in UAE is expected to reach around $1,648 million by 2019; where as outward remittance from UAE is expected to touch $28,207 million.
LTP along with Knowledgefaber is publishing a report on the Middle East Remittance Market that will find answers to the following questions:
Formal Inward remittance by Countries (Sample)
Detailed contents of the reports:
Middle East Remittance Market Outlook – A Research Report
Focus on Kingdom of Saudi Arabia and United Arab Emirates