Saudi Arabia: Expat Remittances Jump 14% In 2024, The Highest In 2 Years
Foreign remittances from Saudi Arabia recorded a significant increase of 14 percent on an annual basis during the year 2024, reaching SR144 billion ($38.4 billion), which marks the highest level since 2022, according to the monthly statistical bulletin issued by the Saudi Central Bank (SAMA). The volume of remittances amounted to SR126.8 billion ($33.8 billion) in 2023, compared to SR143 billion ($38 billion).
The increase was mainly influenced by the growth in employment rates and the improvement of wages in some sectors, according to a report in Asharq Al-Awsat newspaper. Economic analyst Rawan bint Rabian attributed this increase to strong economic growth, in addition to increased employment. 'The expansion in implementing Vision 2030 projects led to a surge in demand for foreign labor, especially in the construction and services sectors. The data indicates that the number of non-Saudi workers in the private sector increased to 8.9 million in 2024, an increase of 3.5 percent on an annual basis, which was directly reflected in the volume of remittances,' she said.
Rawan reported that some sectors witnessed an improvement in salaries, as the average monthly wages for foreign workers in the construction and services sector reached SR4,200 ($1,119) compared to SR3,850 ($1,026) in 2023, which increased the volume of transferable income. The stability of the Saudi riyal against foreign currencies also contributed to supporting the growth of remittances, as the exchange rate remained stable at SR3.75 to the US dollar.
She said that the rising cost of living in Saudi Arabia played a role in increasing remittances, as the consumer price index rose by 2.5 percent in 2024, prompting many to send a larger portion of their income abroad, in addition to the growth in rental prices and basic services.
Mohammed Al-Faraj, senior director of Asset Management at Arbah Capital, attributed this increase to several key factors, including the increase in the number of foreign workers, the improvement of economic conditions in some countries to which foreign workers belong, the stability of exchange rates, and the development of financial services that facilitate the movement and transfer of funds.
Al-Faraj said that this increase is reflected in the Saudi economy in several ways, including increased outward cash flows, which may affect the balance of payments, and a limited impact on local liquidity, as remittances represent 5.25 percent of total deposits in Saudi banks, according to the SAMA report for November 2024. 'It is difficult to predict the continuation of this trend in the coming years, as it depends on several factors, including changes in the local labor market, global economic conditions, technological developments, and digital banks,' he noted.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Gulf Insider
a day ago
- Gulf Insider
No Travel Ban On Indians: Saudi Arabia's Temporary Visa Restrictions Linked To Hajj Season
Saudi Arabia is expected to lift the temporary travel restrictions on Indian nationals following the end of visa regulations introduced earlier in April to manage the flow of pilgrims and reduce overcrowding during the Hajj season. In April 2025, the Saudi authorities temporarily suspended the issuance of Umrah, business, and family visit visas to nationals of 14 countries, including India. This measure, which will remain in place until mid-June 2025, was implemented as part of the Kingdom's broader efforts to streamline pilgrimage operations and ensure the safety and comfort of worshippers and visitors. The temporary ban was not a targeted travel ban against specific nationalities but rather a logistical measure to prevent congestion in the lead-up to Hajj. It primarily affected short-term visa categories and does not reflect any change in the broader bilateral ties between Saudi Arabia and the countries involved. Indian citizens are expected to regain access to short-term visa services following the conclusion of the Hajj season and resumption of regular visa processing. As such, reports suggesting a broader ban on Indian travellers entering Saudi Arabia are inaccurate. No official notification has been issued by the Saudi government restricting general travel from India. Saudi Arabia remains a key destination for millions of Indian expatriates, pilgrims, and business travellers, and both nations continue to enjoy strong and growing ties across sectors such as trade, energy, culture, and religious tourism.
Daily Tribune
2 days ago
- Daily Tribune
Female Leader Oversees Bahrain
TDT | Manama Bahrain's role in the region's fast-expanding AI and automation landscape has received a boost with the appointment of Sara Al-Alsheikh as UiPath's Regional Vice President and Managing Director for Bahrain, Kuwait, and Saudi Arabia. She becomes the first woman to hold this position at the global automation company, which is known for helping businesses and governments deploy software robots and AI agents to streamline complex processes. Regional push includes Bahrain The move comes as UiPath intensifies its presence across the Gulf, responding to growing demand for AI-powered tools that reduce manual workloads, improve efficiency, and accelerate digital transformation. Bahrain is expected to play a more active role in this expansion, particularly in sectors such as banking, public services, and energy, where automation is increasingly reshaping internal operations. Al-Alsheikh, who is based in Riyadh, will lead client engagement and growth strategy across Bahrain, Kuwait, and Saudi Arabia. She brings over a decade of experience from major global firms including HP, IBM, and SAP, and has worked with Gulfbased clients on large-scale technology deployments. Her appointment marks a milestone not just for UiPath but for the region's tech leadership landscape. As part of her mandate, Al-Alsheikh will guide the rollout of UiPath's agentic automation platform, which combines AI and human collaboration to automate everything from finance workflows to citizen services. 'My mission is to help our clients reimagine how work gets done faster, smarter, and more autonomously,' she said, describing the company's software as a core driver of innovation across public and private sectors. Focus on Bahrain's opportunity With Bahrain included in her portfolio, attention now turns to how local institutions will respond to this regional push. While UiPath has a relatively low profile in Bahrain compared to Saudi Arabia, its software is already in use globally by governments and Fortune 500 firms to automate operations and reduce administrative bottlenecks. Al-Alsheikh's appointment is expected to support local adoption, particularly if awareness-building and training are embedded in the expansion strategy. Her leadership reflects broader Vision 2030 goals shared across the Gulf, which emphasise both digital transformation and gender inclusion.
Gulf Insider
3 days ago
- Gulf Insider
Saudi Pavilion At Expo 2025 Osaka Celebrates 70th Anniversary Of Diplomatic Relations With Japan
The Saudi Pavilion at Expo 2025 Osaka is celebrating the 70th anniversary of diplomatic relations between Saudi Arabia and Japan. The two countries established diplomatic relations on June 7, 1955, laying the foundation for a long-term partnership that has evolved over the decades into a multifaceted alliance enhancing cultural exchange and diplomatic cooperation. This partnership has also had a significant economic impact on both nations. In February 2025, Saudi Arabia and Japan signed a memorandum to establish a Strategic Partnership Council. In this context, Saudi Ambassador to Japan and Commissioner General of the Saudi Pavilion at Expo 2025 Osaka Dr. Ghazi Faisal Binzagr said that Saudi-Japanese relations have grown and strengthened over the past 70 years. 'The relations go beyond a mere economic partnership to reflect the depth and diversity of our ties. Today, we build on the strength of the past and harness the momentum of the present to jointly shape a new vision for the future,' the ambassador said. 'With Expo 2025 taking place in Osaka and Saudi Arabia hosting Expo 2030 in Riyadh, our two countries stand at the forefront of global exchange, showcasing the latest innovations and sustainable technologies, and contributing to shaping an inclusive future for all.' The Saudi Pavilion at Expo 2025 Osaka hosts hundreds of business events aimed at strengthening trade and investment relations between the Kingdom and Japan. These include presentations led by the Ministries of Investment and Commerce, as well as events highlighting the trade and investment opportunities offered by Saudi Vision 2030. Trade volume between the two countries has grown significantly over the past decade, rising from $33.4 billion to over $41 billion currently. The Saudi Pavilion aims to increase the number of Japanese visitors to the Kingdom, targeting 30,000 annual visitors before Expo 2030 Riyadh. This is part of the comprehensive Saudi-Japan Vision 2030 strategy, which includes more than 80 projects across nine sectors: culture, food and agricultural security, media and entertainment, healthcare, advanced infrastructure, finance and investment, competitive industries, energy, small and medium enterprises, sports, and education. Cultural exchange between the two countries has flourished, highlighted by Saudi Arabia's role in bringing Japanese culture to the Middle East through local manga studios, whose works will be showcased at the Saudi Pavilion in August. The Saudi Pavilion at Expo 2025 Osaka offers more than 700 diverse and engaging events, including daily shows and live performing arts. Since the Expo opened in April 2025, it has attracted over 500,000 visitors. On September 23, it is expected to host a variety of events and presentations in celebration of Saudi National Day.
