Expatriate Remittances See Significant Growth

Expatriate remittances from Saudi Arabia reached $3.44 billion (Dh12.4 billion) in July, representing a 21% increase compared to the same period last year. This trend underscores the economic resilience and continued global financial engagement of Saudi Arabia.

Saudi Nationals’ Remittances Rise Marginally

According to the Saudi Central Bank (SAMA), remittances sent abroad by Saudi nationals saw a modest year-on-year increase of 0.25%, amounting to $1.5 billion (Dh5.5 billion).

Saudi Arabia as a Major Source of Global Remittances

As one of the world's largest contributors to remittances, Saudi Arabia plays a pivotal role in supporting global financial stability. The country’s economic policies and labour market conditions directly affect millions of households worldwide, particularly in countries dependent on remittances.

Integration into the Global Economy

This surge in remittances reflects Saudi Arabia’s deep integration into the global economy, especially in terms of labour migration and cross-border financial support. Nearly 75% of Saudi Arabia's labour force consists of foreign workers, highlighting the critical role of expatriates.

Facilitating Cross-Border Transactions

There are no restrictions on converting or transferring funds related to investments in Saudi Arabia, including dividends and earnings, ensuring smooth cross-border transactions without delays.

Impact on Global Financial Systems

A report by the U.S. Department of State emphasized the importance of Saudi Arabia’s remittance system in the global economy, illustrating the far-reaching effects of the country’s labour force and financial activities.

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