Saudi Arabia: Expat remittances hit SR144 billion, highest since 2021

Cairo: Expatriates’ remittances in Saudi Arabia rose by 14% last year to reach SR144.2 billion in 2024 against SR126.8 billion in the previous year , according to official figures.

The 2024 transfers were the highest by the expats in the kingdom since the year 2021, figures from the Saudi Central Bank showed.

The remittances recorded an increase in all months of 2024, except for January and February.

December was the highest month, with expat remittances surging to about SR14 billion, recording the highest level since March 2022, the Saudi news portal Akhbaar24 reported, citing the central bank’s figures.

Meanwhile, Saudis’ transfers to abroad during 2024 amounted to about SR68.6 billion, an increase of 11% compared to the previous year.

Their transfers recorded an increase in all months of 2024 except for March and June.

Saudi Arabia, a country of over 35 million people, is home to a large community of expatriate workers.

Earlier this month, the General Authority for Statistics announced that Saudi Arabia’s population reached 35.3 million by mid-2024, with 44.4 per cent or around 15.7 million of the population being non-Saudis.

In recent years, Saudi Arabia has stepped up efforts to regulate the labour market and make it more stable, competitive and attractive to skilled workers.

The Saudi government has approved a host of substantial labour changes to preserve contractual rights. Accordingly, a notice for terminating an employment contract with non-specific duration is now put at 30 days if the notice comes from the worker, and 60 days on the employer’s side.

According to the latest amendments, maternity leave has increased from 10 weeks to 12 weeks.