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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.
Sadq, a Riyadh-based provider of digital signatures, has raised $1.46 million in a Pre-Series A round led by X by Unifonic. Founded in 2022, the company aims to enhance its e-signature services and infrastructure to meet the growing demand for digital solutions in Saudi Arabia's evolving digital trust sector. With a Digital Trust Services license secured in 2023, Sadq is positioned to support the transition to paperless workflows under the Vision 2030 agenda.
Saudi startup Sadq has raised USD 1.46 million in pre-Series A funding, led by X by Unifonic Fund, to enhance its digital authentication services. Founded in 2022, Sadq specializes in legally recognized e-signatures and aims to strengthen its technology, attract talent, and expand its market presence in the growing digital trust sector.
In 2024, electronic payments in Saudi Arabia surged to 79% of total retail transactions, up from 70% in 2023, as reported by the Saudi Central Bank (SAMA). The total number of non-cash retail transactions reached 12.6 billion, driven by an 8.83% increase in point-of-sale transactions and a 25.82% rise in e-commerce spending. SAMA is committed to enhancing payment infrastructure to support the Kingdom's Vision 2030 goals, promoting a modern and diversified payment landscape.
Sadq, a leading Saudi platform for digital signatures, has successfully raised SAR 5.5 million (~USD 1.46 million) in its Pre-Series A funding round, led by X by Unifonic Fund. This investment will enhance Sadq's technology and market presence, following its recent acquisition of a Digital Trust Services License from the Digital Government Authority, which bolsters the legal credibility of its services. Co-founders Abdullah Allahuo and Salem Al-Badawi emphasize the importance of this funding in scaling operations and responding to the growing demand for secure digital authentication solutions.
Egypt's B2B sector is losing between $3.5 billion and $4.5 billion annually, as 80% of firms with an online presence are deemed "digital ghosts," lacking engagement and visibility. Despite a strong tech talent pool and growing global demand, many companies fail to leverage digital strategies effectively. ThruHQ's report highlights the urgent need for improved digital practices to unlock significant growth opportunities in the market.
Saudi Arabia's liquidity reached a record SAR 3.03 trillion ($808 billion) by February 2025, reflecting a 10.1% year-on-year increase amid fiscal pressures from declining oil revenues. The government anticipates a $26 billion budget deficit for 2025, prompting increased borrowing of $18.4 billion and delays in Vision 2030 projects like Neom.
Tesla has launched sales in Saudi Arabia, despite the country's limited electric vehicle (EV) infrastructure, with only 101 charging stations available. This move coincides with improving US-Saudi relations and highlights Saudi Arabia's ambitious plans to expand its EV infrastructure from 100 to 5,000 stations by 2030. The kingdom's economic strategy aims to balance its oil dependence while diversifying its economy, seeking significant foreign investment to support its Vision 2030 goals.
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The information provided herein is generated by experimental artificial intelligence and is for informational purposes only.
indian diaspora in gulf states drives significant remittance growth to india
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