Remittances from Qatar growing rapidly, says global exchange house
While low oil prices have affected the flow of money from Gulf countries to other parts of the world, Qatar does not seem to have heard about it.
Bucking the trend, expatriate remittances from Qatar has shown a 22% jump in month-on-month growth in September this year. According to global money transfer service provider Xpress Money, it is the best-performing GCC country for their business.
“The brand has been witnessing a steady growth in Qatar, in excess of 20% for the last few years. In the wake of dampening remittances from the GCC, Qatar is still posting good growth numbers — this is a clear indication of a vibrant economy and the country’s attractiveness for international talent,” Xpress Money chief operating officer Sudhesh Giriyan told Gulf Times.
The country is currently undertaking several multi-billion dollar developments, including roads, infrastructure and stadiums for the 2022 FIFA World Cup. The large number of people working on these projects has played a significant role in Qatar bucking the trend.
According to the officials, remittances from Qatar stood at $10.4bn in 2015, with over 70% being received by South Asian countries. The trend is expected to continue this year.
What about you, QL readers? Have you increased remittances you make to your home countries? Why? Do you think this is a good time to send money home? Let us know in the comment section.
Let the expats bring their families. Then the money will stop sent out...
Inshallah .. Have you tried the ramada Car Park or ya Baba Rizks ?
Maybe it's because there's nothing to spend money on in Qatar! There's only so many fake watches you can buy at Souq Wakif
People are clever , very clever ......................
Also a sign of expat insecurity... Expats are not spending their salary in Qatar.... a safe bet is to remit to respective home countries.
This is not rocket science. Expats come here to work and send money home to their loved ones. As the number of expats in Qatar increases , so will the amount of money being remitted
such good news .. It will continue to increase