Low oil prices have dampened remittances from the Gulf Cooperation Council (GCC) but Qatar has defied the trend with a 22% month-on-month growth in September this year and it is the best performing GCC country for Xpress Money, a global money transfer service provider.
Major infrastructure projects such as those in preparation for the 2022 FIFA World Cup and the Expo 2020 in the UAE can help steady remittance flow from Qatar and other GCC countries, a senior officer of the UAE Exchange Group said.
Aside from the Eid al-Adha holiday, growth in the country’s population would help sustain the upward trend of remittance outflow from Qatar this September, according to an industry executive.
