Nearly 70 percent of Saudi Arabia's USD 14 billion in out bound remittances go to South Asia as Indians are the largest foreign workforce in the kingdom.

Remittances from Saudi Arabia represented more than half of the total transfers made by foreign workers in the Gulf Cooperation Council (GCC). The GCC bloc witnessed outflows of some USD 25.7 billion in remittances during 2006.

Hikmat Ersak, Executive Vice President and Managing Director for Europe the Middle East, Africa and South Asia of Western Union, said, "Out of the USD 14 billion remittance industry in Saudi Arabia, 60 to 70 percent of the money going out is going to South Asia and the Philippines."

Saudi Arabia stands second in the outbound country list after the United States. "In two of the fastest growing regions of the world. India and the Gulf, remittance industry leader, Western Union, is committed in substantially increase its investment in the next two to three years," Ersak added.