Executive Summary
The report
titled “The KSA International Outbound Remittance Industry Outlook to 2018 -
Rising Remittances to India to Fuel Growth” 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.
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.
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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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