Saudi Arabia: Expat remittances hit SR12b in June, 11% up compared to last June
Saudis’ transfers to abroad in June fell by 1% to reach SR5.1 billion
Cairo: Remittances of expatriates residing in Saudi Arabia reached SR12.1 billion in June, marking an 11% rise compared to the same month last year, according to official figures.
However, the remittances dropped by 4% in last June compared to May 2024 when they surged to SR12.6 BILLION, figures from the Saudi Central Bank showed. There was no explanation for causes of the drop.
Remittances in May were 11% higher than April when it reached SR11.3 billion.
On the other hand, Saudis’ transfers to abroad in June fell by 1% to reach SR5.1 billion against the same month last year.
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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 stable, competitive and attractive to skilled workers.
Earlier this month, the Saudi government approved a host of substantial labour changes to safeguard contractual rights.
Terminating an employment contract
Accordingly, a notice for terminating an employment contract with non-specific duration is now set at 30 days if the notice comes from the worker, and 60 days on the employer’s side.
Moreover, a three-day paid leave is granted to the worker in case of his/her brother’s or sister’s death.
According to the latest amendments, maternity leave has increased from 10 weeks to 12 weeks.
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. 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.