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EXECUTIVE SUMMARY

The report titled “The KSA International Outbound Remittance Industry Outlook to 2018 - Rising Remittances to India to Fuel Growth” provides a comprehensive analysis of the various aspects such as transaction volume and number of outbound transactions in the KSA remittance industry, market segmentation by bank and non bank channels, modes of delivery, macroeconomic factors affecting the industry and major flow corridors. The report also covers the market shares and remittance income of major banks and MTOs in the KSA engaged in providing money transfer services in the country.

Outbound Remittance market in the KSA, driven by the expatriate laborers present in the country, was noted to have a transaction volume of USD ~ million in 2008. Global economic recession greatly affected the outbound remittances from the KSA, which increased by 22.6% to USD ~ million in 2009. In 2010, outbound remittances from the KSA grew at a mere rate, as money sent by Saudis to support the members of their families in other countries saw a sharp decline of 16.9%. In 2013, remittance outflow from the KSA picked up pace by increasing to USD ~ million. The annual increase in outflow in 2013 was a result of large sums of money transferred by the expatriate population in Saudi Arabia to their home countries, as fear of deportation and discriminative laws against migrants pushed them to move all of their earned money out of the country.

India has been the largest receiver of the KSA’s foreign remittances, receiving USD ~ million in 2012, which grew from USD ~ million in 2010, at a CAGR of 22.9% during 2010-2012. Robust oil prices and vivacious economic activity in Saudi Arabia has resulted in a surge in urban development, which consecutively, has amplified the demand for foreign labor from a number of countries including India. Egypt attained the second rank remittances receiving corridors from the KSA during the period 2010-2012. The remittances grew at 37.8% CAGR during 2010-2012. The outbound remittances from Saudi Arabia to Egypt has grown from USD ~ million in 2010 to USD ~ million in 2012, thus witnessing a remarkable growth of ~% during the period. Pakistan, from where a large proportion of unskilled workers migrate into the KSA, was the third largest beneficiary of remittance receiving country from the KSA, accounting for approximately 10.1% of the total outbound remittances from the kingdom in 2012. The remittance amount received by Pakistan increased at a CAGR of ~% during 2010-2012, surging from USD ~ million in 2010 to USD ~ million in 2012.

Out of the total amount transacted in the country,
Tahweel Al Rajhi was involved in transfer of approximately USD ~ million in 2013. It generated a revenue income of approximately USD ~ million by being engaged in ~ million remittance transactions in 2013. Enjaz was ranked second according to the total amount remitted in the KSA and had an approximate share of ~ % in 2013. The bank registered a remittance income of approximately USD ~ million in 2013. Enjaz conducted approximately ~ million remittance transactions with outbound remittances being valued at USD ~ million in the KSA in 2013, making it one of the most widely used agent for money transfer.

The KSA is expected to generate outbound remittance transaction volume of USD ~ million by 2018 as compared to USD ~ million in 2013, thus showcasing a CAGR of 5.4% during 2013-2018. With opening of various MTOs and banks providing remittance services, the share of formal channels to send money would increase, bringing down the use of informal methods of Hawala. Banks will continue to be the favored platform for sending remittances by the expatriate community in the KSA, contributing more than ~ % to the total flows of remittance in the coming years.

KEY TOPICS COVERED IN THE REPORT

- The market size of the KSA International Outbound Remittance Market.
- Market segmentation of the KSA International Outbound Remittance Market on the basis of Bank and Non-Bank Channel, Major Flow Corridors, Modes of Delivery and remittances conducted by Saudis and Non-Saudis.
- Migrants in the KSA by Countries
- Occupational Structure of Migrants
- Drivers of the KSA Remittance Market
- Products and Services provided by leading banks and MTOs in the KSA.
- Competitive landscape of the major banks and MTOs operating in the KSA remittance market.
- Macroeconomic factors affecting the transaction volume in the KSA remittance market.
- Future outlook and projections of the KSA International Outbound Remittance Market, on the basis of transaction volume during 2014-2018.

Table Of Contents

KSA International Outbound Remittance Industry Outlook to 2018 - Rising Remittances to India to Fuel Growth
TABLE OF CONTENTS

Executive Summary
Macro Environment in the KSA Affecting the Remittance Market
International Remittance Market
1. The KSA Macro Economic Environment and Factors
1.1. The KSA Macro Environment Overview: Historical and Projections
1.1.1. GDP and Personal Disposable Income in the KSA, 2008-2018
1.1.2. Population Demographics of the KSA, 2008-2018
1.1.3. Labour Participation in the KSA and Unemployment Rate, 2008-2013
1.1.4. Average Monthly Wages in the KSA, 2008-2018
1.1.5. Number of Deportations from the KSA, 2011-2013
1.1.6. Migration of Saudi Students Abroad: Destinations Involved, 2011
1.2. Migrants in the KSA
1.2.1. Number of Migrants in the KSA, 2008-2018
1.2.2. Occupational Structure of Migrants in the KSA, 2008-2013
1.2.3. Issues Faced by Migrant Workers in the KSA
1.2.4. Factors Considered by Potential Migrants Moving to the KSA
1.3. Indian Workers in the KSA
1.3.1. Number of Indian Workers in the KSA, 2008-2012
1.3.2. Occupational Structure of Indian Expatriates in the KSA
1.4. Egyptian Workers in the KSA
1.5. Pakistani Workers in the KSA
1.5.1. Number of Pakistani Workers and Consumption Pattern of Pakistani Workers in the KSA, 2008-2012
1.6. Overseas Filipino Workers in the KSA
1.6.1. Number of OFW's in the KSA, 2008-2012
1.6.2. Occupational Structure of OFWs in the KSA, 2010
1.7. Number of Banks and ATMs in the KSA, 2008-2013
1.8. Initiatives Taken up by the Government of the KSA to Boost Economic Growth
1.9. The Fall of Saudi Oil Dominance: Impact on Remittance Industry
1.10. Infrastructure Development and Real Estate Prices
1.11. Saudi Nitaqat Program
2. The KSA Domestic Remittance Market
3. The KSA International Remittance Market
3.1. Global and the KSA International Remittance Market
3.2. Drivers of the KSA International Remittance Market
Increasing Average Wage Rates
Surging Foreign Labour Population
Rising Oil Prices and Infrastructural Development Generating Employment Opportunities
Favorable Consumption and Savings Patterns of Migrants
Wide Availability of Money Transfer Services
3.3. Products and Services in Bank and Non-Bank Channels
3.4. Transaction Volume in the KSA International Outbound Remittance Market, 2008-2013
3.5. Number of International Outbound Remittance Transactions in the KSA, 2013
3.6. The KSA International Remittance Market Segmentation
3.6.1. By Bank and Non-Bank Channels, 2013
3.6.2. By Major Outbound Remittance Flow Corridors, 2010-2012
India
Egypt
Pakistan
Philippines
Bangladesh
Sri Lanka
Yemen
Jordan
Indonesia
Lebanon
3.6.3. By International Outbound Remittance Transaction Volume by Saudis and Non-Saudis, 2008-2013
3.6.4. By Modes of Delivery (Direct Credit to Account, Branch Pick up and Door to Door Service Channels), 2013
3.7. Average Transaction Fee for Remittance to Major Flow Corridors, 2014
3.8. The KSA International Remittance Competitive Landscape
3.8.1. Market Share of Major Bank and Non-Bank Channels, 2013
3.8.2. Service Positioning, Strategy and Key Performance Indicators
3.8.3. Combating Terror Financing in the KSA
3.9. Future Prospects and Outlook- International Outbound Remittance in the KSA
3.9.1. Entry of Saudi Post: Expected to Drive Growth of Remittance Market of the KSA
3.9.2. New Technologies: Online and Mobile Services to Drive Future Growth
4. Appendix
4.1. Market Definitions
4.2. Abbreviations
4.3. Research Methodology
Data Collection Methods
Approach
Variables (Dependent and Independent)
Final Conclusion
4.4. Disclaimer

LIST OF FIGURES

Figure 1: Nominal GDP of the KSA in USD Billion, 2008-2018
Figure 2: Real GDP Growth Rate (%) of the KSA, 2008-2018
Figure 3: GDP of the KSA by Major Sectors on the Basis of Contribution in Percentage, 2013
Figure 4: Personal Disposable Income in the KSA in USD Billion, 2008-2018
Figure 5: Population of the KSA in Million, 2008-2018
Figure 6: Total Population in the KSA by Non-Saudis and Saudis on the Basis of Contribution in Percentage (%), 2008-2013
Figure 7: Total Labour Force in Millions in the KSA, 2008-2013
Figure 8: Unemployment Rate in the KSA in Percentage (%), 2008-2013
Figure 9: Average Monthly Wages in the KSA in USD, 2008-2018
Figure 10: Number of Deportations from the KSA, 2011-2013
Figure 11: Outbound Migration of Saudi Students from the KSA by Regions in Percentage, 2011
Figure 12: Number of Migrants in the KSA in Millions, 2008-2018
Figure 13: Issues Reported by Expatriates in the KSA in Percentage (%)
Figure 14: Nitaqat Zones According to Saudi Nitaqat Policy
Figure 15: Average Remittance Fee to Send Money from G20 Countries as a Percentage of the Total Amount Sent, Second Quarter-2013
Figure 16: Global Remittance Market Size on the Basis of Transaction Volume in USD Billion and the Contribution of the KSA in Percentage, 2008-2013
Figure 17: Transaction Volume of International Outbound Remittances in the KSA in USD Million and Year on Year Growth in Percentage (%), 2008-2013
Figure 18: The KSA Remittance Market Segmentation by Bank and Non-Bank Channel on the Basis of Percentage Contribution in Outbound International Remittance Transaction Volume, 2013
Figure 19: Percentage Share of Remittances Received by Different Countries from the KSA, 2010-2012
Figure 20: The KSA International Outbound Remittance Market Segmentation by Non-Saudis and Saudis on the Basis of Contribution in Transaction Volume in Percentage (%), 2008-2013
Figure 21: Modes of Delivery by Number of Transactions Conducted in the KSA Remittance Market, 2013
Figure 22: Market Share of Major Entities in International Outbound Remittance Market of the KSA Transaction Volume on the Basis of Contribution in Percentage, 2013
Figure 23: The KSA International Outbound Remittance Market Future Projections by Transaction Volume in USD Million and Growth Rate (%), 2014-2018

LIST OF TABLES

Table 1: GDP of the KSA by Type of Economic Activity by Value in USD Billion and Contribution in Percentage (%), 2013
Table 2: Population Demographics of the KSA by Nationality and Gender in Millions, 2008-2013
Table 3: Breakdown of Labour Force in the Private Sector of the KSA by Major Economic Activity and Nationality, 2008-2013
Table 4: Labour Force and Unemployment Rate in the KSA, 2008-2013
Table 5: Number of Saudi Students Abroad by Destination Country and Gender, 2011
Table 6: Stock of Migrants in the KSA by Countries, 2010
Table 7: Percentage Breakup of Occupational Structure of Migrants in the KSA, 2008-2013
Table 8: Number of Migrants Engaged in the Private Sector of the KSA by Major Profession Types, 2008-2013
Table 9: Annual Labour Outflow from India to the KSA, 2008-2012
Table 10: Occupational Structure of Indians in the KSA, 2013
Table 11: Top Reasons for Overseas Migration from Pakistan to the KSA in Percentage (%)
Table 12: Annual Labour Outflow from Pakistan to the KSA, 2008-2012
Table 13: Average Monthly Salary, Expenditure and Savings in USD of a Pakistani Migrant in the KSA by Occupation, 2013
Table 14: Annual Labour Outflow from Philippines to the KSA, 2008-2012
Table 15: Number of Bank Branches and ATMs in the KSA, 2008-2013
Table 16: Number of Bank Branches by Major Banks in the KSA, 2009-2013
Table 17: Application of Nitaqat by Types of Business Units in the KSA
Table 18: Saudization Percentage by Types of Business Units under Different Nitaqat Zones
Table 19: Implications for Business Units in Different Nitaqat Zones
Table 20: Value of Transactions for SARIE System in USD, 2009-2013
Table 21: Total Number of International Outbound Remittance Transactions in a Year, Average Remittance Transaction Size and Number of International Outbound Remittance Transactions Conducted Per Month in the KSA, 2013
Table 22: The KSA Remittance Market Segmentation by Bank and Non-Bank Channel by Outbound Remittance Transaction Volume in USD Million, 2013
Table 23: Outbound Remittances Transaction Volume from the KSA to Different Countries in USD Million, 2010-2012
Table 24: The KSA International Outbound Remittance Market Segmentation by Non-Saudis and Saudis on the Basis of Transaction Volume in USD Million, 2008-2013
Table 25: Average Transaction Fee Charged for the KSA-India Flow Corridor in USD, as of May 15, 2014
Table 26: Average Transaction Fee Charged for the KSA-Egypt Flow Corridor in USD, as of May 15, 2014
Table 27: Average Transaction Fee Charged for the KSA-Pakistan Flow Corridor in USD, as of May 15, 2014
Table 28: Average Transaction Fee Charged for the KSA-Philippines Flow Corridor in USD, as of May 15, 2014
Table 29: Average Transaction Fee Charged for the KSA-Bangladesh Flow Corridor in USD, as of May 15, 2014
Table 30: Average Transaction Fee Charged for the KSA-Yemen Flow Corridor in USD, as of May 15, 2014
Table 31: Average Transaction Fee Charged for the KSA-Jordan Flow Corridor in USD, as of May 15, 2014
Table 32: List of Major Banks in the KSA by Remittance Centre/Alliance with MTOs, Number of Bank Branches, Year of Establishment, Market Share in Total Outbound International Remittance Transfers, and Remittance Transaction Volume in USD Million, 2013
Table 33: Market Share, Outbound International Remittance Transaction Volume (in USD Million), Number of Transactions (in Millions) and Remittance Income (in USD Million) of Major Banks and Non-Banks in the KSA, 2013
Table 34: Competitive Landscape of the Major Players in the KSA Remittance Market
Table 35: Correlation Matrix of the KSA International Outbound Remittance Market
Table 36: Regression Coefficients Output

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