Expat remittances in Saudi Arabia witnessed a notable downturn, marking the lowest levels in half a decade by the close of 2023.

According to data sourced from the Saudi Central Bank (SAMA) and analyzed by Okaz/Saudi Gazette, remittances plummeted by 12.81 percent, totaling SR124.9 billion for the year, with an average daily transfer of SR342.18 million. This represents a significant drop of SR18.34 billion compared to the previous year's total of SR143.24 billion.

The downward trend in remittances over the past five years saw its pinnacle in 2021, post the COVID-19 aftermath, reaching a staggering SR153.57 billion, with a daily transfer averaging SR421.56 million. However, 2023 saw a substantial decline of 18.83 percent from this peak, amounting to SR28.97 billion.

In a parallel development, the National Anti-Commercial Concealment Program has unveiled seven conditions for individuals involved in commercial concealment to evade penalties. These conditions include immediate cessation of the crime, proactive reporting to the Ministry of Commerce, and collaboration with investigating authorities, among others.

Leveraging cutting-edge technologies such as artificial intelligence and data analytics, the program aims to combat the shadow economy effectively, with 20 government entities spearheading efforts to identify and deter concealment practices.