Economy

India largest recipient of global, GCC remittances

PTI Dubai | Updated on June 15, 2011 Published on June 15, 2011

India is the largest recipient country in terms of both global and GCC remittances, accounting for roughly 50 per cent of money transferred from the Gulf, an exchange company official has said.

According to Mr Sudhir Kumar Shetty, the Chief Operating Officer of the UAE Exchange Centre, the sum remitted during 2010 was estimated to be between $25-30 billion.

Mr Shetty said the money remitted by foreign workers in the UAE rose to $10.54 billion in 2010 from $9.51 billion in 2009, a clear indication that after a protracted downturn and a slump in job market during 2008 and 2009, the country’s economy had returned to a recovery mode.

Mr Shetty said the uptick in the GCC remittance market in comparison with the global figures reflects the resilience of the region in the wake of increased investments in development projects.

“With the exception of construction-related sectors, UAE’s traditional industries, including trade, hospitality and tourism, have shown robust growth to underpin the migrant job market,” he said.

Total expatriate workers’ remittances from the GCC rose to $63.75 billion in 2010 from $60.03 billion in the previous year, up 6.1 per cent compared to an upturn of 2.44 per cent in worldwide remittances that, according the World Bank, reached $325 billion from $317.23 billion in 2009,” Mr Shetty was quoted by Khaleej Times as saying.

“Global remittance through our exchange grew 8 per cent to $5.84 billion in the first four months, while the GCC and the UAE showed growth rates of 7 per cent and two per cent to reach $4.1 billion and $2.66 billion, respectively, during the same period,” he added.

The UAE Exchange transfers money through a network of 510 branches across 23 countries and accounted for 64 per cent of total worker remittances from the UAE in 2010.

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Published on June 15, 2011
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