Savings of expatriates in the GCC countries are very important to the economies of their countries through remittances. They are also important to the Gulf economies, especially since remittances are considerably increasing year after year as a result of the increasing number of expatriates and high living standards in the GCC.
A decade ago, a call was made to find the necessary channels to attract a proportion of these savings and invest them in the GCC countries in an attempt to reduce remittances that increase at an annual average of 10-12 per cent. Statistics show that remittances stood at $55 billion (Dh201.96 billion) last year, against $40 billion (Dh146.88 billion) registered in 2008, and thus it would be vital to re-inject part of these transfers into GCC economies.
Although some of these approaches were embraced, such as allowing expatriates to work in the Gulf stock markets and easing restrictions on real estate investing, other approaches still hold some reservation.
No comments:
Post a Comment