By: Heba Kordy
Cairo – Mubasher: Egyptians’ remittances, especially from the GCC, have increased recently despite the policies applied by the governments in the region to decrease foreign employment and promote nationalisaiton.
Egyptians’ remittances rose 8% to $21.4 billion during the first ten months of 2018, compared to $19.8 billion in 2017, the Central Bank of Egypt’s (CBE) data showed.
The implementation of new fees on expats’ companions, SAR 100 for every companion – which will be increased gradually to reach SAR 400 in 2020 – have resulted in the return of many companions to Egypt and, consequently, the increase in remittances.
Expats’ number went down to 10.018 million in the first quarter of 2018 from 10.883 million in the year-ago period.
Egyptian expats in Saudi Arabia
The number of the Egyptian expats declined year-to-date by around 250,000 following the implementation of new fees on both workers and companions, Head of the Egyptian Department of Expatriates Hamdy Emam said.
There are 2.9 Egyptian expats in Saudi Arabia, according to the Egyptian government, and their remittances is a major source of foreign currency in the North African country.
A governmental report revealed that 70% of those remittances sent by expats in the GCC region, and that 40% of Egyptians’ remittances from this region sent from Saudi Arabia.
Translated by: Muhammad Khalid