RIYADH: Expatriate remittances from Saudi Arabia rose to SR15.2 billion ($4.05 billion) in May, marking a 21 percent increase compared to the same month last year.
According to data by the Saudi Central Bank, also known as SAMA, transfers by non-Saudis reached nearly SR70 billion during the first five months of 2024, an annual rise of almost 26 percent.
Money sent abroad by Saudi citizens reached SR29.8 billion, up 13 percent year on year, the central bank’s monthly bulletin showed.
The significant uptick in outbound transfers reflects several economic and social factors shaping the Kingdom’s labor market and remittance behavior. Among these are the rising number of foreign workers, improving wages, and growing reliance on digital payment solutions that facilitate cross-border transfers more efficiently.
Saudi Arabia is home to more than 16.41 million non-Saudis as of May, who make up over 44 percent of the population, according to data by Global Media Insight. As the Kingdom continues to develop under Vision 2030, many expats are taking on higher-paying jobs in health care, construction, logistics, and technology sectors.
