Thursday 23 February 2017
 
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Remittances

NBAD adopts Blockchain for remittances

The National Bank of Abu Dhabi (NBAD) has become the first Middle East bank to introduce real time cross border payments on Blockchain technology. The new channel, implemented with global financial settlement solutions provider Ripple,

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Saudi Arabia says no fees on expats' remittances

The Saudi Arabia's Finance Ministry has announced that there would be no fees applied on remittances out of the country. Saudi Arabia is "committed to the principle of free movement of capital in and out of the kingdom, i

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Kuwait mulls 5pc tax on expats' remittances

The Kuwaiti government is planning to impose tax on expats’ remittances and companies besides privatisation of healthcare and education sector, said a report. A special ministerial committee has already prepared a package of

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Remittances to developing countries to rise in 2016

Remittances to low and middle-income countries (LMICs) are projected to hit $442 billion in 2016 – an increase of 0.8 per cent over the previous year, according to a World Bank report. Remittances to the Mena region are expe

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70pc of remittances from Qatar went to S Asia states

South Asian countries are the largest beneficiaries of remittances originating from Qatar, according to Xpress Money, a leading money transfer brand. India, the largest recipient of remittances in the world received $3.99 billion

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Saudi Arabia rules out tax on expat remittances

Saudi Arabia will not impose a tax on the money which foreign workers in the kingdom send back to their home countries, finance minister Ibrahim Alassaf told reporters on Tuesday. Some countries in the Gulf have been considering s

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Saudi Arabia rules out tax on expat remittances

Saudi Arabia will not impose a tax on the money which foreign workers in the kingdom send back to their home countries, finance minister Ibrahim Alassaf told reporters on Tuesday. Some countries in the Gulf have been considering s

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India counts cost of reduced Gulf remittances

Having quit his low-paid job with a contractor in Qatar, electrician Kurian Joseph scrabbles for work each day in his hometown in Kerala, a southwestern state that has one of India's highest unemployment rates. He's a casu

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Mideast remittances top $120 billion in 2015

The Middle East is among the top outward remittance hubs in the world, with the figure in excess of $120 billion for 2015, a report. Remittances within the Middle East are rising rapidly as well, particularly with the Arab nationa

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Bahrain central bank warns over remittances tax move

The Central Bank of Bahrain (CBB) has warned about the fallout of taxes on remittances and other 'foreign transactions', said a report. Such a move will damage national economy and may have serious implications for Bahrain

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