Saudi Arabia ranked third globally and second in the Arab world for international remittance outflows in 2023, with total outward remittances amounting to nearly SR 144 billion ($38.4 billion).

Foreign remittance refers to the money immigrants send to their families or communities in their countries of origin.

According to the World Bank's "Migration and Development Brief," the United States led the world in international remittances, with total external remittance flows reaching about $85.8 billion in 2023. The United Arab Emirates ranked second globally and first in the Arab world, with total remittances of about $38.5 billion. Kuwait ranked tenth globally and third in the Arab world.

The report noted that external remittances from Gulf Cooperation Council (GCC) countries decreased by 13 percent in 2023 compared to 2022, following an upward trend from 2010 to 2019, with fluctuations, and then began to decline after 2019.

Qatar ranked fourth in the Arab world after Saudi Arabia and the UAE, with about $11.8 billion in remittances, followed by Bahrain with about $2.7 billion. The report highlighted that India was the top recipient of international remittances in 2023, with $119.5 billion, followed by Mexico with $66.2 billion, and China with about $49.5 billion.

The World Bank report also revealed that remittance flows to the Middle East and North Africa region dropped by 15 percent to $55 billion in 2023, primarily due to a sharp decline in remittance flows to Egypt.