The KSA International
Outbound Remittance Industry Research Report provides a comprehensive analysis of the various aspects such
as transaction volume and number of outbound transactions in the KSA remittance
industry, market segmentation by bank and non bank channels, modes of delivery,
macroeconomic factors affecting the industry and major flow corridors. The
report also covers the market shares and remittance income of major banks and
MTOs in the KSA engaged in providing money transfer services in the country.
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| KSA Remittance Market |
Outbound Remittance market in the KSA, driven by the
expatriate laborers present in the country, was noted to have a transaction
volume of USD ~ million in 2008. Global
economic recession greatly affected the outbound remittances from the KSA,
which increased by 22.6% to USD ~ million in 2009. In 2010, outbound
remittances from the KSA grew at a mere rate, as money sent by Saudis to
support the members of their families in other countries saw a sharp decline of
16.9%. In 2013, remittance outflow from the KSA picked
up pace by increasing to USD ~ million. The annual increase in outflow in 2013
was a result of large sums of money transferred by the expatriate population in
Saudi Arabia to their home countries, as fear of deportation and discriminative
laws against migrants pushed them to move all of their earned money out of the
country.
India has been the
largest receiver of the KSA’s foreign remittances, receiving USD ~ million in
2012, which grew from USD ~ million in 2010, at a CAGR of 22.9% during
2010-2012. Robust oil prices and vivacious economic activity in Saudi Arabia
has resulted in a surge in urban development, which consecutively, has
amplified the demand for foreign labor from a number of countries including
India. Egypt attained the second rank remittances receiving corridors from the
KSA during the period 2010-2012. The remittances grew at 37.8% CAGR during
2010-2012. The outbound remittances from Saudi Arabia to Egypt has grown from
USD ~ million in 2010 to USD ~ million in 2012, thus witnessing a remarkable
growth of ~% during the period. Pakistan, from where a large proportion of
unskilled workers migrate into the KSA, was the third largest beneficiary of
remittance receiving country from the KSA, accounting for approximately 10.1%
of the total outbound remittances from the kingdom in 2012. The remittance
amount received by Pakistan increased at a CAGR of ~% during 2010-2012, surging
from USD ~ million in 2010 to USD ~ million in 2012.
Out of the total
amount transacted in the country, Tahweel Al Rajhi was involved in transfer of
approximately USD ~ million in 2013. It generated a revenue income of
approximately USD ~ million by being engaged in ~ million remittance
transactions in 2013. Enjaz was ranked second according to the total amount
remitted in the KSA and had an approximate share of ~ % in 2013. The bank
registered a remittance income of approximately USD ~ million in 2013. Enjaz
conducted approximately ~ million remittance transactions with outbound
remittances being valued at USD ~ million in the KSA in 2013, making it one of
the most widely used agent for money transfer.
The KSA is expected to
generate outbound remittance transaction volume of USD ~ million by 2018 as
compared to USD ~ million in 2013, thus showcasing a CAGR of 5.4% during
2013-2018. With opening of various MTOs
and banks providing remittance services, the share of formal channels to send
money would increase, bringing down the use of informal methods of Hawala.
Banks will continue to be the favored platform for sending remittances by the
expatriate community in the KSA, contributing more than ~ % to the total flows
of remittance in the coming years.
Key Topics
Covered in the Report:
·
The market size of the KSA International Outbound
Remittance Market.
·
Market segmentation of the KSA International
Outbound Remittance Market on the basis of Bank and Non-Bank Channel, Major
Flow Corridors, Modes of Delivery and remittances conducted by Saudis and
Non-Saudis.
·
Migrants in the KSA by Countries
·
Occupational Structure of Migrants
·
Drivers of the KSA Remittance Market
·
Products and Services provided by leading banks
and MTOs in the KSA.
·
Competitive landscape of the major banks and MTOs
operating in the KSA remittance market.
·
Macroeconomic factors affecting the transaction
volume in the KSA remittance market.
·
Future outlook and projections
of the KSA International Outbound Remittance Market, on the basis of transaction
volume during 2014-2018.
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