Saudi Arabia: Expat remittances 12% up, surpass SR12b in May
Transfers by Saudis to abroad in May soar to SR6.1 billion, an increase of 6%
Cairo: Remittances of expatriates in Saudi Arabia rose by 12 per cent in May to reach over SR12 billion against the same month last year, according to official figures.
The May remittances hit SR12.6 billion with an increase of 12 per cent against SR11.2 billion in May 2023, figures from the Saudi Central bank showed.
The remittances in May, meanwhile, showed an 11 per cent increase against April when it reached SR11.3 billion, according to the same figures.
On the other hand, Saudis’ transfers to abroad in May soared to SR6.1 billion or an increase of 6 per cent against those in the same month last year when it amounted to SR5.8 billion.
Saudi Arabia is home to a large community of expatriate workers. In recent years, Saudi Arabia has stepped up efforts to regulate the labour market and make it more competitive and attractive to skilled workers.
In 2020, Saudi Arabia introduced major labour reforms, drastically improving its sponsorship system.
The reforms, which went into effect in the ensuing year, allow job mobility and regulate the exit and re-entry visa issuance for expatriate workers without employers’ approval.
Last year, the Saudi General Authority for Statistics, citing a census, put the kingdom’s total population at 32.2 million with foreigners making up around 13.4 million or 41.5 per cent.
Asian nationals from three countries accounted for over 42 per cent of the total foreigners in Saudi Arabia, according to the census figures. Bangladeshi nationals took the lead with 2.1 million, or around 15.08 per cent of the overall expatriates in Saudi Arabia, followed by Indians with 1.88 million and Pakistanis with 1.81 million.