GCC: Capital outflow of financial system estimated at $30 billion per year
The total of capital outflow of the UAE financial sector is put at Dh16.5 billion (about $4.5 billion), according to the latest report of the UAE Financial and Commercial Authorities. The amount of remittance transferred from the UAE financial system in the first half of 2004 went up by 10 per cent compared to the previous figures of Dh15 billion in 2002.
The report also revealed that the total capital outflow of the six AGCC countries' financial system is put at Dh 110 billion (about $30 billion) per year. The largest volume of capital flowing out of the AGCC countries is from Saudi Arabia with Dh 66 billion, followed by UAE with Dh16 billion and Kuwait in the third place with an approximately Dh13 billion flushing out of the monetary system, Bahrain in the 4th place with Dh 8 billion, Qatar and Oman with total remittances of Dh4 billion and Dh3 billion.
The figures of remittances of foreign workers in the UAE during the past five years were fluctuating between Dh13- 16 billion despite the huge increase of workers, The Khaleej Times reported. (menareport.com)
© 2004 Mena Report (www.menareport.com)