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Indian nationals in Gulf states, despite comprising only a quarter of the diaspora, contribute nearly 40% of India's bank remittances, sending home $118.7 billion in the fiscal year 2023-24. This trend is driven by the nature of their migration, as many work alone to support families back home, often through informal channels that may significantly increase actual remittance figures. Experts predict that Gulf migration will remain significant for the next 15 to 20 years, despite shifts in remittance patterns from other regions.
Indian nationals in Gulf states, making up just over a quarter of the diaspora, contribute nearly 40% of India's bank remittances, totaling $118.7 billion in the fiscal year 2023-24. The majority work alone, sending money home to support families, with actual remittances likely higher due to informal channels. Despite a shift in remittance sources, Gulf migration is expected to remain significant for the next 15 to 20 years.
Indian nationals in Gulf states, despite comprising just over a quarter of the diaspora, contribute nearly 40% of India's remittances, sending home $118.7 billion in the fiscal year 2023-24. This significant share is attributed to their focus on work and saving, as many live alone and send money back to support families. The actual remittance figures are likely higher due to informal channels, with Gulf migration expected to remain strong for the next 15 to 20 years.
The Kuwait National Petroleum Company (KNPC) has initiated the merger process with the Kuwait Integrated Petroleum Industries Company (KIPIC) as part of a restructuring plan by the Kuwait Petroleum Corporation (KPC). KNPC's CEO, Engineer Wadha Al Khatib, emphasized that the merger aims to strengthen Kuwait’s oil sector by uniting specialized efforts, enhancing capabilities, and aligning with the country’s Sustainable Development Goals. The sector remains committed to adapting to global industry changes while prioritizing employee communication and operational performance.
GCC economies, having built resilience through reforms and diversification, must accelerate regional integration and expand ties with emerging markets to mitigate the long-term impacts of US tariffs. While short-term shocks can be absorbed, prolonged trade conflicts could expose structural weaknesses, particularly for hydrocarbon-dependent nations. Strengthening domestic demand and supporting SMEs are essential for navigating future challenges and enhancing economic stability.
Al Ansari Financial Services has successfully acquired Bahrain-based BFC Group Holdings for $200 million, enhancing its customer base by 29% and expanding its branch network by 60%. This positions Al Ansari as the largest non-banking financial institution in the GCC by branch count, with over 410 branches and around 6,000 employees.The acquisition is projected to boost operating income by 20% and increase both EBITDA and net profit after tax by 13% in 2024. Al Ansari plans to integrate digital platforms and AI-driven services to improve operational efficiency and customer engagement while leveraging economies of scale for profitability and revenue growth.
Saudi B2B ecommerce platform Sary has merged with Bangladesh's ShopUp to create Silq Group, the largest B2B commerce platform in the Gulf and Emerging Asia, backed by a $110 million funding round led by Sanabil Investments and Valar Ventures. The merger aims to enhance access to products for retailers and manufacturers, with both brands continuing to operate under their names while leveraging combined capabilities. Silq plans to strengthen its presence in Qatar, addressing challenges faced by B2B businesses with an integrated platform for financial, logistics, and commerce services.
Gulf bourses faced significant declines as US tariffs on imports dampened investor confidence, with Saudi Arabia's Tadawul All Share Index dropping 5.06% at the open. Other regional markets also fell, reflecting concerns over rising import costs and a potential US economic slowdown, while oil prices hit a three-year low amid escalating trade tensions. The banking sector was particularly hard hit, mirroring steep losses on Wall Street, as fears of recession grew.
Japan imported 30.85 million barrels of Saudi crude oil in February, accounting for 45.8% of its total oil imports of 67.3 million barrels, with Arab countries supplying 97.3% of the total. The UAE, Kuwait, Qatar, and Oman were key contributors, while imports from Iran and Russia remained banned.In a separate political development, Japanese Communist Party lawmaker Daimon Mikishi urged the government to direct the Government Pension Investment Fund to cease investments in Israeli military-related companies, citing humanitarian concerns amid ongoing conflicts. Welfare Minister Fukuoka Takamaro stated that investment decisions are made by GPIF's commissioned companies, emphasizing the fund's purpose to benefit the insured.
Barclays has lowered its price target for Dow Inc. to $38 from $44 while maintaining an equal-weight rating. Dow specializes in manufacturing and marketing a range of products, with net sales primarily from basic plastics (50.7%), elaborate plastics (27.6%), and performance chemicals (20%). Geographically, sales are distributed across the U.S. and Canada (38.2%), Europe/Middle East/Africa/India (32.5%), Asia/Pacific (17.9%), and Latin America (11.4%).
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indian diaspora in gulf states drives significant remittance growth to india
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15:21 19.04.2025
Indian diaspora in Gulf countries drives significant remittance growth to India
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14:26 19.04.2025
gulf-based indians contribute 40 percent of india's remittances despite small diaspora
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14:23 19.04.2025
Kuwait begins merger of KNPC and KIPIC to strengthen oil sector
08:57 16.04.2025
GCC strategies to navigate trade war and enhance economic resilience
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12:37 11.04.2025
Al Ansari completes 200 million dollar acquisition of BFC Group Holdings
08:18 11.04.2025
sary and shopup merge to create silq raising 110 million dollars
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13:32 09.04.2025
gulf markets plunge as us tariffs and oil prices weigh heavily
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14:21 06.04.2025
Japan's February oil imports heavily reliant on Saudi and UAE supplies
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05:40 05.04.2025
barclays lowers dow inc price target to thirty eight dollars
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12:03 01.04.2025
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