(MENAFN - Muscat Daily) Omani expatriates worldwide are expected to remit US39mn this year, says the latest report of the World Bank's Migration and Development Brief.
The country is expected to be ranked third in GCC for migrants remittance data for 2013. As per the estimates, Qatar will receive the highest remittance with US803mn followed by Saudi Arabia with US246mn and Kuwait at the fourth place with US8mn.
The annual inflow figure for Oman has remained fairly constant over the past 27 years.
World Bank released its latest estimates for 2013 and projections (up to 2016) for migrant remittances on October 2.
As per the UN population division, there are over 18,000 Omanis living worldwide.
The brief also highlights that the high cost of sending money through official channels continues to obstruct utilisation of remittances for development purposes, as people seek informal channels for sending money home.
The global average cost for sending remittances is nine per cent, broadly unchanged from 2012.
The sultanate received US39mn as remittances from its expatriates in 2012, ranking it 145th among 165 countries, according to World Bank.
Jordan will remain the main source of remittance inflows to Oman. In 2012, about 33 per cent of the inflows came from Jordan, 18 per cent from the UK and 11 per cent from the US. According to the World Bank's Migration and Development Brief, the world's 232mn migrants are expected to remit US550bn this year and over US700bn by 2016.
The top recipients for 2013 will be India with US71bn followed by China with US60bn and Philippines with US26bn.
In the Middle East and North Africa in 2010, the last date for which data are available, Syria received over US1.6bn in remittances. Remittance to Egypt has nearly tripled since 2009 reaching US20bn this year. There is no migrant remittance data in the report for Bahrain and the UAE.
Remittance inflow to GCC Countries
Countries 2010 2011 2012 2013 (Est)
Qatar no data 574 803 803
Saudi Arabia 236 244 246 246
Oman 39 39 39 39
Kuwait 5 6 8 8
(Figures in USmn)