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The kingdom is set to cement its position as a respected financial hub with the launch of Money Transfer International (MTI), the global trade association promoting the development and interests of the global remittances industry.
MTI recently announced that its Gulf chapter office will be based in Bahrain.
According to MTI's regional director and head of the MTI Gulf chapter, Premal Patel, the region stands as one of the top five performers of the global remittance industry which was pegged at $550 billion in 2008.
Patel said that a 63 per cent increase has been witnessed since 2003.
"Remittance flow from GCC countries alone accounted for 35.6 per cent of total remittance flow to developing countries in 2008, with more than 63 per cent and 52 per cent respectively going to Bangladesh and Pakistan," he said.
Lady Olga Maitland, CEO of MTI, said, "The decision to launch MTI Middle East is in direct response from the remittances sector for a voice to represent their interests."
