عربي English Türkçe اردو فارسى
Logo
Latest News
Business

GCC Worker Remittances to Foreign Destinations Reach $131.5 Billion

The volume of workers' remittances from GCC countries is the highest globally. Asharq Al-Awsat
The volume of workers' remittances from GCC countries is the highest globally. Asharq Al-Awsat
TT
20
TT

GCC Worker Remittances to Foreign Destinations Reach $131.5 Billion

The volume of workers' remittances from GCC countries is the highest globally. Asharq Al-Awsat
The volume of workers' remittances from GCC countries is the highest globally. Asharq Al-Awsat

The total remittances of workers in the Gulf Cooperation Council (GCC) countries to foreign destinations amounted to $131.5 billion by the end of 2023, according to the latest data released by the GCC Statistical Center.

The volume of workers' remittances from GCC countries is the highest globally, followed by remittances from the United States

The center's report indicated that this marked a decrease by approximately $0.5 billion compared to 2022, a 0.4 percent decline. This comes after significant increases recorded in 2021 and 2022, which saw growth rates of 9.2 percent and 3.8 percent, respectively.

The share of these remittances as a percentage of the GCC's Gross Domestic Product (GDP), at current prices, declined from 8.1 percent in 2020 to six percent in 2022, before experiencing a slight increase in 2023, settling at 6.2 percent.

Most Viewed

 
Business

Europe Gas: Prices ease ahead of Trump-Putin phone call

Representation photo: Smoke is released from one of the chimneys of the Dora (Daura) Thermal Power Station in the Dora district in southern Baghdad on January 9, 2025. (Photo by AHMAD AL-RUBAYE / AFP)
Representation photo: Smoke is released from one of the chimneys of the Dora (Daura) Thermal Power Station in the Dora district in southern Baghdad on January 9, 2025. (Photo by AHMAD AL-RUBAYE / AFP)
TT
20
TT

Europe Gas: Prices ease ahead of Trump-Putin phone call

Representation photo: Smoke is released from one of the chimneys of the Dora (Daura) Thermal Power Station in the Dora district in southern Baghdad on January 9, 2025. (Photo by AHMAD AL-RUBAYE / AFP)
Representation photo: Smoke is released from one of the chimneys of the Dora (Daura) Thermal Power Station in the Dora district in southern Baghdad on January 9, 2025. (Photo by AHMAD AL-RUBAYE / AFP)

Dutch and British wholesale gas prices eased on Tuesday morning as the market awaited any news on a potential peace deal between Russia and Ukraine but low storage levels remain a concern and weather forecasts are mixed.
The Dutch front-month contract inched down by 0.55 euro to 40.65 euros per megawatt hour (MWh) by 0917 GMT, LSEG data showed.
The Dutch May contract was down 0.68 euro at 40.57 euros/MWh, while the day-ahead contract eased by 0.20 euro to 40.80 euros/MWh, Reuters said.
In Britain, the day-ahead contract was down 1.01 pence at 101.75 pence per therm.
All eyes will be on the outcome of the call between US President Donald Trump and Russian President Vladimir Putin scheduled for 1300-1500 GMT and whether it may lead to a ceasefire in Ukraine, analysts at Energi Danmark said.
"Until then, the market is caught in uncertainty," they added.
Traders holding speculative long positions in the gas market have become nervous that a potential peace deal between Russia and Ukraine could see the resumption of some Russian pipeline gas into Europe, analysts at ING said in a note.
Meanwhile, fresh tensions in the Middle East, with new Israeli air strikes on Gaza, could provide some bullish market sentiment, said LSEG analyst Yuriy Onyshkiv.
"Later this week, warmer temperatures are expected but the long-term view still forecasts below seasonal normal levels which may continue to pressure gas storages," consultancy Auxilione said in its daily market report.
EU gas storage sites were last seen 34.84% full, compared with nearly 60% seen at the same time last year, data from Gas Infrastructure Europe showed.
In the European carbon market, the benchmark contract edged down by 0.12 euro to 69.99 euros a metric ton.