KUWAIT CITY, June 30: According to the latest "Migration and Development Brief" by the World Bank, Kuwait has secured the third position in the Arab world and tenth globally for the volume of international remittances sent in 2023. Expatriates in Kuwait sent approximately $12.7 billion back to their families and communities in their home countries.

The report highlights that the UAE topped the global rankings and secured first place in the Arab world with remittances totaling about $38.5 billion. Saudi Arabia followed closely in second globally and second in the Arab world with remittances amounting to approximately $38.4 billion. Qatar ranked fourth in the Arab world with around $11.8 billion in remittances, while Bahrain trailed with about $2.7 billion.

Globally, the United States led as the top sender of international remittances, with outflows totaling $85.8 billion in 2023. Switzerland followed in fourth place with $35.7 billion, and Germany in fifth with $24.1 billion.

The report also noted a 13% decrease in outward remittances from Gulf countries compared to 2022, marking a reversal from the upward trend observed from 2010 to 2019. This decline follows fluctuations since 2019.

India ranked first globally as the largest recipient of international remittances in 2023, receiving $119.5 billion, followed by Mexico with $66.2 billion and China with approximately $49.5 billion.

Furthermore, remittance flows to the Middle East and North Africa region decreased by 15% to $55 billion in 2023, primarily due to reduced flows to Egypt, as outlined in the World Bank's findings.