This weekend marks the 'International Day of Family Remittances', which this year aligns with the Eid Al-Adha celebrations. Remittances, the financial transfers made by workers overseas to their families and communities back home, play a crucial role in supporting countless households. The convergence of these two events highlights the importance of unity. During festive periods, families look forward to these financial boosts not only for their economic value but also for the emotional fulfillment and prosperity they signify. It's common to see a surge of over 20% in money transfer volumes in the Middle East during Eid Al-Adha compared to the previous month. This underscores the global impact and significance of remittances.
The United Nations reports that around 281 million migrants are currently living worldwide. Regardless of nationality or residency, the pursuit of better opportunities is a shared human trait. The Middle East exemplifies this, with its vibrant cities and landscapes hosting numerous global citizens who strive to enhance both their local and home economies. These individuals are pivotal to national and global economic structures.
Statistics from the World Bank show that the Middle East is a major contributor to remittances, with billions sent annually. The UAE and Saudi Arabia rank among the top three remittance-sending countries globally, collectively transferring about $79 billion in 2022. Qatar and Kuwait also contribute significantly to this flow. These transfers reach numerous countries, showcasing the diverse and dynamic workforce of the Middle East and the visionary policies of its governments.
Reflecting on this International Day of Family Remittances and Eid Al-Adha, I recall my own migration from Lebanon in pursuit of opportunities. The United Arab Emirates has been my home for over two decades, and I am continually inspired by the achievements possible here. While building my life in the UAE, I also support my family back in Lebanon through remittances. As my children now seek their own opportunities, I am reminded of the many generations who have embarked on similar journeys. As you plan your next steps and consider how to support your loved ones, think about how remittances can contribute to your legacy.
