Doha: Remittances from Qatar are expected to rise 35 percent by the end of 2015 driven by continuous infrastructure development and economic growth, said Xpress Money in a press release. The company said that economic growth will lead to influx of expatriates and migrant workers from developing countries that are flocking to Qatar attracted by the many employment opportunities that are coming up in the country.
“Most of the outward remittances from the Middle East are from GCC countries and we are seeing a robust pick up in the remittance flows. Qatar hosting of the 2022 FIFA World Cup and Dubai winning the World Expo 2020 bid have increased the GCC’s potential as one of the largest remittance sending regions, as such global events create many employment opportunities, thereby boosting demand for overseas workers,” said Sudhesh Giriyan, Vice President and Business Head, Xpress Money. “We have lately seen a demographic shift in the profile of the migrants who are coming into this region. Apart from scores of migrants from the South East Asian countries, Qatar has also been a sizeable number of people coming in from Africa- be it East, West, North or Southern parts of Africa,” said Giriyan.
As per industry reports Qatar was likely to hit the $15bn mark by end of 2013. Qatar Central Bank had earlier reported that in 2012 Qatar touched a figure of $ 13.5bn, a marginal increase from the $13bn in 2011.
According to the latest report from World Bank, growth in remittance flows to developing countries is expected to accelerate to an annual average of 8.4 percent over the next three years, raising the money flows to $436bn in 2014 and $516bn in 2016. The remittances to developing countries are estimated at $404bn in 2013, close to 4 percent rise compared to 2012.
The Peninsula
