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Expats Working in UAE sent AED70.5bn home

Middle East : 16 May

Source: Emirates 24|7

Funds accounted for quarter of total remittances out of GCC in 2012

Asians and other expatriate workers in the UAE siphoned out nearly Dh70.5 billion in 2012 to turn the country into one of the largest foreign currency source for the labour exporting countries, a senior UAE official has said.

The remittances transferred last year accounted for nearly a quarter of the total funds of around $80 billion (Dh294 billion) remitted home by foreign workers in the six-nation Gulf Cooperation Council (GCC) last year, said Sheikh Mansour bin Zayed Al Nahyan, Deputy Premier and Minister of Presidential Affairs.

Addressing a foreign labour conference in Abu Dhabi on Tuesday, he said the UAE and the other GCC members host more than 15 million expatriate workers, adding that they constitute a major source of hard currency for their countries.

“These workers are contributing to the development of our countries and at the same time benefit from job opportunities here to support their families and countries.”

He said the GCC, which controls over a third of the world’s proven oil wealth, emerged as the world’s third largest group in terms of foreign remittances, which accounted for nearly 15 per cent of the total global remittances in 2012.

The UAE, the second largest Arab economy, had more than seven million expatriates at the end of 2012, accounting for over 80 per cent of the total population of 8.2 million.

16 May

Bahrain Needs to Cut Public Debt After 2012 Spending Boost -IMF

Source: Reuters
Bahrain, which last year boosted state spending to quell political unrest, urgently needs to reform its economy to stop its debt burden becoming unsustainable, The International Monetary Fund said.
Bahrain upped its original 2012 expenditure plan by nearly 19 percent in September 2011 after protesters inspired by the Arab Spring revolts took to the streets [...]

10 May

Saudi Arabia Banks Third Largest Reserves in 2012 as UAE Sees Private Sector Output Rise and Profits Double for Dubai Investments

Saudi Financial Reserves Grow to Record Levels
Saudi nabbed third spot in terms of financial reserves, coming in behind China and Japan with $541 billion in assets at the close of last year. The kingdom’s assets surged due to rising oil output and prices.
SAMA controls Saudi’s gold and cash reserves and reported a surge of almost [...]

10 May

Dubai World Central Cargo Volumes Rise 7.8%

Source: Gulf News 2013
Dubai World Central handled a total of 53,974 tonnes of freight in the first three months this year, a year on year increase of 7.8 per cent compared to 50,062 tonnes that passed through the facility during the corresponding period in 2012.
The moderate growth is the result of the high base of [...]

10 May

UAE-GCC Trade Reached AED95bn in 2012

Source: Gulf News 2013
Dubai: UAE trade with GCC countries through Dubai is estimated at Dh95 billion in 2012 up 28 per cent compared to the previous year. Saudi Arabia accounted for 41 per cent of overall trade, Dubai Exports , An Agency of the Department of Economic Development (DED) said yesterday.
While the UAE-GCC non-oil trade [...]

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