GCC expat remittances estimated at $120bn
Riyadh, August 25, 2013
Expats in the GCC annually remit an estimated $120 billion, with $48.3 from Saudi Arabia and this is expected to increase 20 per cent this year, said a report.
Saudi Arabia tops the remittances with $48.3 billion, said the Arab News report.
Some economists say excessive remittances are slowly causing damage to Saudi Arabia's economy, said the report.
But Talat Hafiz, secretary-general of the Banking Awareness Committee was quoted as saying that it is only normal for expatriates to send the money they earned in the kingdom to their families abroad.
"The steady yearly increase in remittances is attributed to several factors, including the fact the Saudi labour market heavily depends on expat manpower, especially in technical professions," said Hafiz.