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UAE working expats remit billions of dollars to home countries
| Published: | 15 May at 6 PM |
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Expatriate workers living in the United Arab Emirates send home just under a quarter of all overseas remittances made in the six nations of the Gulf Cooperation Council (GCC).
The amounts sent out of the country by its Asian and other overseas expat workers made the United Emirates a huge source of foreign currency for the labour-exporting countries. According to the Deputy Premier and minister of presidential affairs, Sheikh Mansour bin Zayed al Nahyan, the GCC with its one- third of the world’s oil wealth is home to over 15 million expatriate workers, the majority of whom send money home to their families.
He continued that UAE and other GCC member countries rate number three in the world for global remittances with 15 per cent of the world total sent overseas in 2012. The United Arab Emirates is the second largest of the Arab economies, and is home to over seven million foreign workers totalling 80 per cent of the country’s population.
Meanwhile, expats hoping to land a reasonably-priced rental home for their stay in Dubai may be out of luck due to the September relocation of government employees to the capital to void losing their housing allowances. Landlords are expected to take full advantage of the increased demand, with rentals in popular locations expected to rise even further.
The amounts sent out of the country by its Asian and other overseas expat workers made the United Emirates a huge source of foreign currency for the labour-exporting countries. According to the Deputy Premier and minister of presidential affairs, Sheikh Mansour bin Zayed al Nahyan, the GCC with its one- third of the world’s oil wealth is home to over 15 million expatriate workers, the majority of whom send money home to their families.
He continued that UAE and other GCC member countries rate number three in the world for global remittances with 15 per cent of the world total sent overseas in 2012. The United Arab Emirates is the second largest of the Arab economies, and is home to over seven million foreign workers totalling 80 per cent of the country’s population.
Meanwhile, expats hoping to land a reasonably-priced rental home for their stay in Dubai may be out of luck due to the September relocation of government employees to the capital to void losing their housing allowances. Landlords are expected to take full advantage of the increased demand, with rentals in popular locations expected to rise even further.
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