Expatriate remittances from Saudi Arabia surge to USD3.2B in June
Date
8/11/2024 8:53:45 AM
(MENAFN) In June, expatriate remittances from Saudi Arabia reached USD3.2 billion, marking an 11.32 percent increase compared to the previous year, according to the latest figures from the Saudi Central bank (SAMA). This substantial figure highlights Saudi Arabia's significant position in the global remittance landscape and reflects the economic dynamics affecting the region.
The SAMA bulletin also reported a 1 percent decrease in remittances sent abroad by Saudi nationals, totaling SR5.12 billion. This decline follows a peak in May, which recorded the highest value in a year and a half. Despite this drop, the overall trend in expatriate remittances underscores the Kingdom's role as a major hub for international financial flows.
Saudi Arabia has traditionally attracted expatriates seeking high-paying job opportunities due to its robust economic growth and competitive salary levels. The average executive salary in the Kingdom exceeds USD100,000 annually, making it one of the highest in the Middle East and a global benchmark. This high compensation is a significant factor drawing expatriates to Saudi Arabia and contributes to the substantial outflow of remittances.
Several factors have contributed to the growth in expatriate remittances. The recovery of the job market post-COVID-19 has led to increased employment and higher earnings for expatriates. Additionally, the Saudi government's efforts to attract and retain foreign workers through favorable employment policies and incentives have further supported the expatriate workforce. Technological advancements have also played a crucial role, with innovations in financial technology and mobile banking making it easier, faster, and more cost-effective for expatriates to send money abroad. The rise in digital payment systems and mobile apps has significantly facilitated the increased volume of remittances.
MENAFN11082024000045015839ID1108541729
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.