Procurement
Expert Panel
Create New Account
Login
logo
Report store
Insights
Survey
Consulting
Book discovery call
logo

KSA International Outbound Remittance Industry Outlook to 2018

Rising Remittances to India to Fuel Growth

Region:Middle East

Product Code:KR238

Download Sample Report
Published On

September 2014

Total pages

107

About the Report

The report titled “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.

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.

Products

Outbound Remittance, Flow Corridors, Banking Channel, Non-Banking Channel, Transaction Volume, Number of Transactions, Nitaqat program

Companies

Saudi Post, Tahweel Al Rajhi, Enjaz, Telemoney, Saudi American Bank, National Commercial Bank, Money Express, Arab National Bank, Bank Albilad

Table of Contents

TABLE OF CONTENTS

 

Executive Summary

Macro Environment in the KSA Affecting the Remittance Market

International Remittance Market

1. The KSA Macro Economic Environment and Factors

1.1. The KSA Macro Environment Overview: Historical and Projections

1.1.1. GDP and Personal Disposable Income in the KSA, 2008-2018

1.1.2. Population Demographics of the KSA, 2008-2018

1.1.3. Labour Participation in the KSA and Unemployment Rate, 2008-2013

1.1.4. Average Monthly Wages in the KSA, 2008-2018

1.1.5. Number of Deportations from the KSA, 2011-2013

1.1.6. Migration of Saudi Students Abroad: Destinations Involved, 2011

1.2. Migrants in the KSA

1.2.1. Number of Migrants in the KSA, 2008-2018

1.2.2. Occupational Structure of Migrants in the KSA, 2008-2013

1.2.3. Issues Faced by Migrant Workers in the KSA

1.2.4. Factors Considered by Potential Migrants Moving to the KSA

1.3. Indian Workers in the KSA

1.3.1. Number of Indian Workers in the KSA, 2008-2012

1.3.2. Occupational Structure of Indian Expatriates in the KSA

1.4. Egyptian Workers in the KSA

1.5. Pakistani Workers in the KSA

1.5.1. Number of Pakistani Workers and Consumption Pattern of Pakistani Workers in the KSA, 2008-2012

1.6. Overseas Filipino Workers in the KSA

1.6.1. Number of OFW's in the KSA, 2008-2012

1.6.2. Occupational Structure of OFWs in the KSA, 2010

1.7. Number of Banks and ATMs in the KSA, 2008-2013

1.8. Initiatives Taken up by the Government of the KSA to Boost Economic Growth

1.9. The Fall of Saudi Oil Dominance: Impact on Remittance Industry

1.10. Infrastructure Development and Real Estate Prices

1.11. Saudi Nitaqat Program

2. The KSA Domestic Remittance Market

3. The KSA International Remittance Market

3.1. Global and the KSA International Remittance Market

3.2. Drivers of the KSA International Remittance Market

Increasing Average Wage Rates

Surging Foreign Labour Population

Rising Oil Prices and Infrastructural Development Generating Employment Opportunities

Favorable Consumption and Savings Patterns of Migrants

Wide Availability of Money Transfer Services

3.3. Products and Services in Bank and Non-Bank Channels

3.4. Transaction Volume in the KSA International Outbound Remittance Market, 2008-2013

3.5. Number of International Outbound Remittance Transactions in the KSA, 2013

3.6. The KSA International Remittance Market Segmentation

3.6.1. By Bank and Non-Bank Channels, 2013

3.6.2. By Major Outbound Remittance Flow Corridors, 2010-2012

India

Egypt

Pakistan

Philippines

Bangladesh

Sri Lanka

Yemen

Jordan

Indonesia

Lebanon

3.6.3. By International Outbound Remittance Transaction Volume by Saudis and Non-Saudis, 2008-2013

3.6.4. By Modes of Delivery (Direct Credit to Account, Branch Pick up and Door to Door Service Channels), 2013

3.7. Average Transaction Fee for Remittance to Major Flow Corridors, 2014

3.8. The KSA International Remittance Competitive Landscape

3.8.1. Market Share of Major Bank and Non-Bank Channels, 2013

3.8.2. Service Positioning, Strategy and Key Performance Indicators

3.8.3. Combating Terror Financing in the KSA

3.9. Future Prospects and Outlook- International Outbound Remittance in the KSA

3.9.1. Entry of Saudi Post: Expected to Drive Growth of Remittance Market of the KSA

3.9.2. New Technologies: Online and Mobile Services to Drive Future Growth

4. Appendix

4.1. Market Definitions

4.2. Abbreviations

4.3. Research Methodology

Data Collection Methods

Approach

Variables (Dependent and Independent)

Final Conclusion

4.4. Disclaimer

 

Why Buy From Us?

RRR
Refine Robust Result (RRR) Framework

What makes us stand out is that our consultants follows Robust, Refine and Result (RRR) methodology. i.e. Robust for clear definitions, approaches and sanity checking, Refine for differentiating respondents facts and opinions and Result for presenting data with story

reach
Our Reach Is Unmatched

We have set a benchmark in the industry by offering our clients with syndicated and customized market research reports featuring coverage of entire market as well as meticulous research and analyst insights.

Research
Shifting the Research Paradigm

While we don't replace traditional research, we flip the method upside down. Our dual approach of Top Bottom & Bottom Top ensures quality deliverable by not just verifying company fundamentals but also looking at the sector and macroeconomic factors.

Insite
More Insights-Better Decisions

With one step in the future, our research team constantly tries to show you the bigger picture. We help with some of the tough questions you may encounter along the way: How is the industry positioned? Best marketing channel? KPI's of competitors? By aligning every element, we help maximize success.

Trust
Transparency and Trust

Our report gives you instant access to the answers and sources that other companies might choose to hide. We elaborate each steps of research methodology we have used and showcase you the sample size to earn your trust.

support
Round the Clock Support

If you need any support, we are here! We pride ourselves on universe strength, data quality, and quick, friendly, and professional service.

Why Client Choose Us?

400000+ Reports in repository
150+ Consulting project a year
100+ Analysts
8000+ Client Queries in 2022