UAEamong top ten remittance senderglobally, World Bank

According to a new report by the World Bank, the United Arab Emirates is among the largest sender of remittance in the world as expatriates sent a massive $19 billion or Dh70 billion to their friends and families in a year.

The 2016 World Bank migration and remittances factbook that recorded remittance outflows for the year 2014. The report showed that the UAE is a leading remittance-sending country in the world and added that the total aggregate outflows is equal to around 4.8 per cent of thegross domestic product (GDP) of the country.The report pointed out that UAE is among the top immigrant destinations in the world and expatriates accounted for 88.5 per cent of the population as of 2013.

The report showed that the United States remained on the top position with total outward remittances at $56.3 billion followed by Saudi Arabia at second spot with $36.9 billion, Russia at $32.6 billion, Switzerland at $24.7 billion and Germany at $20.8 billion. Other countries completing the top ten raking were Kuwaitwith $18.1 billion, France with $13.8 billion, Luxembourg with $12.7 billion and United Kingdom with $11.5 billion. The data also showed that the six Gulf Cooperation Council nations accounted for $98 billion in outward remittance flows in 2014.

The data also showed that India was the largest receiver of remittance in the year with $69 billion followed by China, with $64 billion, the Philippines at $28 billion, Mexico at $25 billion and Nigeria at $21 billion.