Kuwait City,: Foreigners working in the Gulf sent more than $100bn in remittances to their home countries last year, an economic report showed yesterday.
The figure was twice as high as remittances in 2010, an indication of strong growth, the head of economic research at Kuwait Financial Centre (Markaz), Raghu Mandagoathur, said in the report.
The remittances are estimated at 6.2 percent of the combined GDP of the six GCC states of $1.6 trillion, the report said, citing IMF and World Bank figures.
In comparison, foreigners in the United States and Britain sent home just 0.7 percent and 0.8 percent of GDP, respectively, it said.
Saudi Arabia topped the list with its estimated $10m expats sending home $44bn, followed by UAE with $29bn.
Remittances from Kuwait and Qatar were $12bn and $9.5bn, respectively, while smaller transfers were made out of Oman and Bahrain, the report said.
AFP
