Saudi Arabia and India agree to study feasibility of establishing power grid    Saudi Awwal Bank records SR5.9 billion net profit after Zakat and Income Tax for YTD Q3    Economy minister emphasizes global partnerships to address pressing challenges Private investments in non-oil sector soar 70%    Saudi Arabia's GDP grows 2.8% in Q3, driven by non-oil sectors    PIF, HKMA sign MoU to establish $1 billion investment fund    Israeli soldiers forced Palestinian men to take off clothes as they evacuated war-torn Jabalya    North Korea fires suspected intercontinental missile    India celebrates Diwali, the festival of lights    'It was like a tsunami': Spaniards recount horror of deadly floods    Bahrain Crown Prince receives Saudi Interior Minister    In-person classes will remain suspended in Jeddah, Rabigh and Khulais schools on Thursday    HR Ministry takes penal action against 568 violators of Domestic Workers' Regulation    Derby Week makes its debut in the Roshn Saudi League    Al Nassr eliminated from King's Cup after a defeat to Al Taawoun    Teri Garr, Young Frankenstein and Tootsie star, dies at 79    Othman Al Omeir receives Legacy of Change Medal at the UK Parliament for advocacy in media    Neymar joins Saudi fashion trend, donning traditional attire at Al Hilal match    Indonesia Days event celebrates cultural diversity at Al Suwaidi Park    Saudi Football Federation reappoints Hervé Renard to lead national team    Tarzan star Ron Ely dies aged 86    India puts blockbuster Pakistani film on hold    The Vikings and the Islamic world    Filipino pilgrim's incredible evolution from an enemy of Islam to its staunch advocate    Muted Eid celebrations for millions of Nigerian Muslims    Exotic Taif Roses Simulation Performed at Taif Rose Festival    Asian shares mixed Tuesday    Weather Forecast for Tuesday    Saudi Tourism Authority Participates in Arabian Travel Market Exhibition in Dubai    Minister of Industry Announces 50 Investment Opportunities Worth over SAR 96 Billion in Machinery, Equipment Sector    HRH Crown Prince Offers Condolences to Crown Prince of Kuwait on Death of Sheikh Fawaz Salman Abdullah Al-Ali Al-Malek Al-Sabah    HRH Crown Prince Congratulates Santiago Peña on Winning Presidential Election in Paraguay    SDAIA Launches 1st Phase of 'Elevate Program' to Train 1,000 Women on Data, AI    41 Saudi Citizens and 171 Others from Brotherly and Friendly Countries Arrive in Saudi Arabia from Sudan    Saudi Arabia Hosts 1st Meeting of Arab Authorities Controlling Medicines    General Directorate of Narcotics Control Foils Attempt to Smuggle over 5 Million Amphetamine Pills    NAVI Javelins Crowned as Champions of Women's Counter-Strike: Global Offensive (CS:GO) Competitions    Saudi Karate Team Wins Four Medals in World Youth League Championship    Third Edition of FIFA Forward Program Kicks off in Riyadh    Evacuated from Sudan, 187 Nationals from Several Countries Arrive in Jeddah    SPA Documents Thajjud Prayer at Prophet's Mosque in Madinah    SFDA Recommends to Test Blood Sugar at Home Two or Three Hours after Meals    SFDA Offers Various Recommendations for Safe Food Frying    SFDA Provides Five Tips for Using Home Blood Pressure Monitor    SFDA: Instant Soup Contains Large Amounts of Salt    Mawani: New shipping service to connect Jubail Commercial Port to 11 global ports    Custodian of the Two Holy Mosques Delivers Speech to Pilgrims, Citizens, Residents and Muslims around the World    Sheikh Al-Issa in Arafah's Sermon: Allaah Blessed You by Making It Easy for You to Carry out This Obligation. Thus, Ensure Following the Guidance of Your Prophet    Custodian of the Two Holy Mosques addresses citizens and all Muslims on the occasion of the Holy month of Ramadan    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



Pakistani expats' remittances from KSA boost growth
Published in The Saudi Gazette on 05 - 09 - 2016

Pakistan's record-breaking inward remittances of $19.9 billion for the 2016 fiscal year (FY 2016) are powered by contributions from Pakistani expats in Saudi Arabia. The country has historically been Pakistan's largest source of remittances, according to Xpress Money's COO Sudhesh Giriyan.
Total remittances from Saudi Arabia to Pakistan for FY 2016 stood at $5.9 billion – almost 30% of Pakistan's total remittances – as per the State Bank of Pakistan figures. Remittances from Saudi Arabia to Pakistan for FY 2016 were also up 6% from the previous fiscal year. June 2016 alone saw Pakistanis in Saudi Arabia remit $582.84 million back home.
Xpress Money has been engaging with the Pakistani expatriate community in the country for years now. The brand offers transfers at zero cost to Pakistan from over 200 locations throughout Saudi Arabia.
"There is a strong Pakistani population of anywhere between 1.5 to 2 million in Saudi Arabia, who actively send money home. We are very pleased to be the money transfer brand of choice for the expatriate Pakistani community in Saudi Arabia and show our appreciation through regular initiatives. For instance, we recently gave out 10-litre fuel coupons to all taxi drivers – mostly Pakistani – who remitted money with us. Xpress Money offers free and convenient money transfers for expatriate Pakistanis in KSA and enable them to contribute positively to their country's economic growth," Giriyan further said.
Global remittances contribute approximately 6.9% (as per World Bank) to Pakistan's GDP, and are instrumental in powering the country's recent economic growth. Overseas remittances improve disposable income and quality of life, translating into business activity and infrastructural development. FY 2016 saw remittances from around the world exceeding government targets by 6.8% according to Pakistan State Bank figures. — SG


Clic here to read the story from its source.