Qatar remittances to increase by nearly 35% in next three years
~ Over 1.5 million migrants and expatriates reside in Qatar ~
- Influx of migrant workers for employment opportunities related to FIFA World Cup 2022 linked to this growth
Doha, April, 2014: Xpress Money, the world’s most dependable money transfer brand estimates a rise of almost 35% in remittances from Qatar by end of 2015, when compared to the current levels of remittances flowing out of the country. The company said this growth would be fuelled by the influx of expatriates and migrant workers from developing countries who are flocking to Qatar attracted by the many employment opportunities that are coming up in lieu of the FIFA World Cup 2022. 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 $436 billion in 2014 and $516 billion in 2016. The remittances to developing countries are estimated at $404 billion in 2013, close to 4 percent rise compared to 2012.
Remittance volumes from Qatar are rising due to continuous infrastructure development and economic growth. As per industry reports Qatar was likely to hit the USD 15 bn mark by end of 2013; Qatar Central Bank had earlier reported that in 2012 Qatar touched a figure of $ 13.5 bn, a marginal increase from the USD 13 bn in 2011.
There has been a phenomenal growth in infrastructure requirements across GCC which in turn has swelled the percentage of overseas workers from various parts of the world, but most significantly from South Asian and South East Asian countries such as Nepal, India and Philippines. As per industry reports last year, the population of Qatar grew by 200,000 over 2012. With the FIFA World Cup 2022, Qatar has seen the migrant population reach a level of over 1.5 billion. These events will boost tourism and create infrastructure requirement, thereby positively impacting the economy.
Mr. Sudhesh Giriyan, Vice President and Business Head, Xpress Money said: “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. We have also 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.”
Xpress Money has pioneered new standards in money transfer services since its establishment in 1999. It offers a bouquet of services to address varied customer demands in both evolved and evolving remittance markets. Amongst its product offerings are options to send money in cash, to bank accounts, to a mobile, and now even on to a card. Xpress Money constantly innovates to bring more value for money remittance products for the growing expatriate community across the world.
About Xpress Money:
Xpress Money is a global money transfer brand with a thriving presence in more than 150 countries in 5 continents across 170,000 agent locations. Working towards the goal of Bringing Home Closer to millions of migrants residing away from their homes, Xpress Money has come to be known as the most dependable international money transfer brand. Xpress Money provides its customers a simple, fast & safe way to transfer money through innovative technology, superior customer service and its extensive worldwide network. For more information, follow us on
Facebook: http://on.fb.me/Z5sngv, Twitter: @Xpress_Money or visit www.xpressmoney.com