Kuwait ranks third in Arab world remittances with $12.7 billion sent

• The United Arab Emirates (UAE) ranked second globally and first in the Arab world, with total transfers amounting to about $38.5 billion.

• India led the list of countries receiving the highest international remittances in 2023, totaling $119.5 billion.

• External remittances from the Gulf countries plunged by 13% in 2023 compared to 2022.

Kuwait ranked third in the Arab world and tenth globally for the volume of international remittances sent from the country in 2023.

Expatriates in Kuwait sent approximately $12.7 billion directly to their families or communities in their home countries, as stated in the World Bank’s “Migration and Development Brief,” the Al Anba newspaper reported.

According to the data, the United Arab Emirates (UAE) has ranked second globally and first in the Arab world, with total transfers amounting to about $38.5 billion.

Saudi Arabia ranked third globally and second among Arab nations, with total transfers amounting to about $38.4 billion. Qatar followed in fourth place among Arab countries with approximately $11.8 billion, and Bahrain recorded around $2.7 billion in transfers.

The United States led global remittance sending countries in 2023, with total external remittance flows reaching about $85.8 billion. Switzerland followed in fourth place with $35.7 billion, and Germany ranked fifth with $24.1 billion.

China secured sixth place with remittances totaling approximately $20.2 billion, followed by Luxembourg with $18 billion. The Netherlands came eighth with total remittances amounting to $16.7 billion, and France took ninth place with remittances totaling $15.9 billion.

According to the report, external remittances from the Gulf countries plunged by 13% in 2023 compared to 2022. This decline followed an upward trend from 2010 to 2019 with some fluctuations, which began to reverse after 2019.

According to the World Bank, India led the list of countries receiving the highest international remittances in 2023, totaling $119.5 billion, followed by Mexico with $66.2 billion, and then China with approximately $49.5 billion.

The World Bank’s report also highlighted a 15% drop in remittance flows to the Middle East and North Africa region in 2023, amounting to $55 billion, largely attributed to a significant decline in flows to Egypt.