GCC again poised to drive growth in the remittance sector in 2009, even though the global economy is in a downturn. These upbeat forecasts for GCC remittances came against the backdrop of a World Bank prediction that global remittances by foreign workers to developing countries would fall by $15 billion this year to $290 billion, as the global economy limps along. The World Bank estimates that global remittances totaled $315,682 million in 2009. Of this total, $305 billion sent by 190 million migrants comprising three per cent of the world population went to developing countries.
India was the top recipient of remittances in 2009, accounting for $ 49,256 million. China came next, with $ 47,553 million, followed by Philippines $19,688 million, Bangladesh $ 10,738 million and Pakistan $ 8,720 million, these figures are enormous and clearly explains the huge potential available in the market.
The Middle East region is home to about 19 million migrants (including international and interregional migrants) who form about 6.1% of the total population of the region. The migratory pattern varies from country to country, with some having large number of international migrants while others primarily hosting intraregional migrants. In some countries, migrants account for the major share (more than 50%) of Migration Trends population and even constitute 80% to 90% of the labor force. International migrants come mainly from India, Pakistan, Bangladesh, Philippines and Sri Lanka, as temporary workers.
The increase in oil prices during the major part of 2008 and rapid growth in GCC economies also attracted a large number of skilled workers.GCC countries together form the third largest destination for international migrants globally, after North America. As far as Al Zaman Money Exchange is concerned we can be described conglomerate with net assets of Qatari Riyal 15 Million (Fifteen million) and employs more than hundred highly skilled, trained and dedicated people, committed to attain our final goal i.e., customer satisfaction. The company offers a wide range of Foreign Exchange products including Demand Drafts in four currencies, Multi Currency Fund Transfers to over 100 countries, and exchange of all convertible and exotic Foreign Currencies. It is the agent for, WESTERN UNION, XPRESSMONEY, EZ CASH, KUMARI REMIT, and NEPAL MONEY TRANSFER for instant International Money Transfers.