The total remittances sent by foreign workers in the Gulf Cooperation Council (GCC) countries abroad reached $131.5 billion by the end of 2023.

According to data released by the Gulf Cooperation Council Statistical Center on Sunday, the remittances from the GCC workforce were the highest globally, followed by the United States.

The data showed that the total remittances from the GCC workforce abroad at the end of 2023 declined by about half a billion dollars compared to 2022, with a decrease of 0.4%.

The percentage of remittances from expatriates to the GCC's GDP increased from 6% in 2022 to 8.1% in 2023.

The remittances of foreign workers in the GCC countries reflect the important role these countries play in the global economy, as these remittances are a major source of income for many labor-exporting countries such as India, Egypt, and the Philippines.

According to the World Bank, the Gulf countries are among the largest contributors to global remittances, accounting for nearly 15% of the total global remittances.

Reports show that India is the largest recipient of Gulf workers' remittances, followed by Egypt, then the Philippines and Pakistan.

Saudi Arabia and the UAE are the leaders in the Gulf in terms of remittance volume, with Saudi Arabia alone witnessing remittances exceeding $40 billion in 2023.

With the increasing localization initiatives in some Gulf countries, these policies may affect the volume of outward remittances in the future, prompting some labor-exporting countries to look for new economic alternatives to compensate for any potential decline.