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DUBAI / Emirates Business
The Middle East has cemented its place as one of the top outward remittance hubs in the world, with the figure in excess of USD 120 billion for that year.
A complementary internal research conducted by Xpress Money, one of the most dependable money transfer brands in the world, indicated that remittances within the Middle East are rising rapidly as well, particularly with the Arab nationals transferring money from GCC countries to other Arab countries.
Xpress Money research indicates that not only are Arabs sending money more frequently, but the amounts tend to also be larger.
Of all Arab expatriates across multiple nationalities surveyed, 71% send money back home, with 38% sending money home at least once a month, and another 32% sending money at least every 2-3 months. On an average, Arabs are also more likely to send more money home, with figures showing expat Arab remitters based in select GCC countries regularly transferring amounts in the USD 700-1,000 range.