Finance Remittances to Pakistan from Saudi Arabia and UAE reach $6.5bn By Pramod Kumar February 14, 2024, 10:23 AM Reuters/Mohamed Abd El Ghany Saudi National Bank and Al Rajhi Bank have recommended dividends of 9% and 11.5% respectively for the second half of 2023 Total remittances from Saudi Arabia and the UAE to Pakistan reached $6.5 billion between July 2023 and January 2024, a Pakistani local daily reported. Saudi Arabia led the list of nations with remittance inflows to Pakistan, reaching nearly $4 billion in the first seven months of fiscal year 2024, Dawn news outlet reported, citing State Bank of Pakistan data. UAE remittance fee to rise 15% for first time in five years Al Ansari profit falls 16% as remittance takes a hit While Riyadh accounted for almost 29 percent of the total $16 billion received by the South Asian nation during the period, remittances from Riyadh were down 3.5 percent over the period. Remittances from the UAE fell by 5 percent year on year to nearly $3 billion. Inflows from the UK were just above $2 billion, rising by 1 percent. In the US it was $2 billion, up by almost 2 percent. During the seven months, remittances from the European Union amounted to nearly $2 billion, while GCC states transferred about a third less, the first time the EU bloc overtook the Gulf states. Register now: It’s easy and free AGBI registered members can access even more of our unique analysis and perspective on business and economics in the Middle East. Why sign uP Exclusive weekly email from our editor-in-chief Personalised weekly emails for your preferred industry sectors Read and download our insight packed white papers Access to our mobile app Prioritised access to live events Register for free Already registered? Sign in I’ll register later
