Latest news with #remittances
Arab News
2 days ago
- Business
- Arab News
Expat remittances in Saudi Arabia jump 21% in May to over $4bn
RIYADH: Expatriate remittances from Saudi Arabia rose to SR15.2 billion ($4.05 billion) in May, marking a 21 percent increase compared to the same month last year. According to data by the Saudi Central Bank, also known as SAMA, transfers by non-Saudis reached nearly SR70 billion during the first five months of 2024, an annual rise of almost 26 percent. Money sent abroad by Saudi citizens reached SR29.8 billion, up 13 percent year on year, the central bank's monthly bulletin showed. The significant uptick in outbound transfers reflects several economic and social factors shaping the Kingdom's labor market and remittance behavior. Among these are the rising number of foreign workers, improving wages, and growing reliance on digital payment solutions that facilitate cross-border transfers more efficiently. Saudi Arabia is home to more than 16.41 million non-Saudis as of May, who make up over 44 percent of the population, according to data by Global Media Insight. As the Kingdom continues to develop under Vision 2030, many expats are taking on higher-paying jobs in health care, construction, logistics, and technology sectors. Improved career opportunities have led to increased disposable income, part of which is regularly sent back to support families in their countries of origin. In the Expat Insider 2024 survey conducted by international expat network InterNations, 75 percent of expatriates in the Kingdom said their career prospects had improved significantly since relocating to Saudi Arabia. This placed the country second globally in the 'Working Abroad Index,' just behind Denmark. The findings reflect growing expat satisfaction and underscore the rising earning potential in the Saudi labor market. Fintech adoption has also contributed to the remittance boom. Companies like stc pay, UrPay, and Tahweel Al-Rajhi offer fast and affordable remittance services integrated with mobile wallets, enabling low-cost and convenient international transfers. According to a 2024 World Bank brief, the average cost of sending $200 from Saudi Arabia was 5.5 percent in the fourth quarter of 2023, making it one of the least costly G20 countries for remittance outflows. In comparison, the G20 average stood at 6.5 percent, with countries like South Africa at 12.8 percent and Japan at 7 percent ranking among the highest. The global average cost for remittances was 6.4 percent, well above the UN Sustainable Development Goal target of 3 percent by 2030. The growth in remittances by Saudi nationals may be attributed to a combination of factors, including the expansion of the working-age population, increased international travel, overseas investments, and education-related transfers. Young Saudis studying abroad, owning property overseas, or supporting family members outside the Kingdom all contribute to rising personal transfers. The overall increase in outbound remittances aligns with broader macroeconomic trends. As Saudi Arabia pushes to diversify its economy and empower the private sector, higher employment levels and better wage conditions are translating into more outbound flows. At the same time, remittances play a vital role in supporting economies across South Asia, the Middle East, and Africa, where many Saudi-based expats originate. The Kingdom's commitment to financial innovation, coupled with a strong expat-driven economy, will likely keep remittance flows elevated in the months ahead.
Zawya
6 days ago
- Business
- Zawya
Remittances from Egyptians abroad hit $32.8bln in 11 month
Arab Finance: Remittances from Egyptians working abroad amounted to around $32.8 billion during the period from July 2024 to May 2025, an annual leap of 69.6% from $19.4 billion, as per a statement from the Central Bank of Egypt (CBE). In the first five months of 2025, remittances jumped by 59% year-on-year (YoY) to approximately $15.8 billion, compared to $9.9 billion. In May 2025, remittances increased by 24.2% YoY to nearly $3.4 billion, versus $2.7 billion. The CBE previously announced that remittances from Egyptians working abroad jumped by 77.1% YoY during the first 10 months of fiscal year (FY) 2024/2025, recording $29.4 billion from $16.6 billion. © 2020-2023 Arab Finance For Information Technology. All Rights Reserved. Provided by SyndiGate Media Inc. (
Arab News
6 days ago
- Business
- Arab News
Egypt records 69.6% YoY rise in remittances
RIYADH: Remittances from Egyptians working abroad rose by 69.6 percent year on year between July and May of the 2024-25 fiscal period, reaching a record $32.8 billion, new figures showed. Data released by the country's central bank show that remittances in May increased 24.2 percent annually to reach about $3.4 billion, representing the highest level of inflows ever recorded in the fifth month of the year, according to a statement. The sharp increase underscores growing confidence among expatriates in the country's financial system and reflects a broader improvement in Egypt's external economic position. This improvement is also linked to recent measures to stabilize the exchange rate and promote formal remittance channels. These policies have contributed to Egypt's net international reserves rising to $48.5 billion at the end of May, up from $47.8 billion in March. In a statement, the central bank noted: 'Likewise, remittances increased during the period January/May 2025 by 59 percent YoY to record around $15.8 billion (compared to about $9.9 billion).' The rebound in remittance flows comes amid broader economic reforms pursued under an International Monetary Fund-backed stabilization program. These reforms have bolstered Egypt's foreign currency position and helped attract more international capital. In May, Prime Minister Mostafa Madbouly announced that Egypt recorded real gross domestic product growth of 3.9 percent during the first half of the fiscal year. Private sector investment surged by 80 percent, while foreign direct investment rose by around 17 percent. Inflation, however, remains a key challenge. The annual urban headline inflation rate accelerated to 16.8 percent in May, up from 13.9 percent in the previous month, mainly driven by continued pressure on non-food prices. These inflation trends come as Egypt's broader economic landscape continues to be shaped by both domestic and global pressures. The government is navigating a delicate recovery amid external shocks, ongoing structural reforms, and efforts to manage public debt. In February, Moody's affirmed Egypt's 'Caa1' long-term foreign and local currency ratings with a positive outlook, citing improved debt servicing capacity, higher reserves, and falling borrowing costs. The ratings agency noted that recent currency devaluation and flotation helped boost foreign exchange reserves and reduce debt vulnerabilities. While a 'Caa1' rating denotes high credit risk, the positive outlook reflects the government's efforts to control inflation and stabilize interest rates. Egypt's credit rating is much lower than that of its Middle East and North African neighbors, such as Saudi Arabia, which was ranked Aa3 with a stable outlook in November, and the UAE, which was rated Aa2 in the same month.
Finextra
6 days ago
- Business
- Finextra
DLocal to support RizRemit payouts in Africa and Asia
dLocal (NASDAQ: DLO), the leading cross-border payment platform specializing in emerging markets, has joined forces with RizRemit, a fast-growing digital remittance provider, to support its payout operations in key African and Asian corridors. 0 When remittances fuel entire economies, delays and rigid systems don't just slow transfers—they disrupt everyday life. According to the World Bank, remittances account for 3% or more of GDP in over 60 countries, making fast, flexible access to payment methods on both ends not just helpful, but essential. Through a single integration with dLocal, RizRemit is gaining the tools to make delivery simpler and more in tune with how people actually move money. Backed by this infrastructure, RizRemit can provide its users access to domestic bank rails and popular eWallets like OPay in Nigeria or JazzCash and EasyPaisa in Pakistan—ensuring recipients receive funds through the channels they trust and use. The result is lower operational complexity, faster settlement times, and greater flexibility without compromising reliability. 'Remittances are a lifeline for our users and their families', said Muhammad Rizwan Javeed, CEO at RizRemit. 'To serve their needs, we have to offer options that work reliably. dLocal gives us access to local rails that make sending money faster and more intuitive, while keeping operations simple on our side.' 'RizRemit's focus on high-efficiency remittance flows aligns with our strengths in local infrastructure,' said Martin Sapiurka, Head of Remittances at dLocal. 'Together, we're improving how cross-border payouts are made by connecting directly to the systems people rely on every day.'
bnok24
6 days ago
- Business
- bnok24
Remittances from Egyptians Abroad Record USD 32.8 Billion During the Period July/May of FY 2024/2025
During the period July/May of FY 2024/2025, remittances from Egyptians working abroad recorded a significant leap. The remittances rose by 69.6%, reaching about USD 32.8 billion (compared to around USD 19.4 billion during the same period a year earlier) Likewise, remittances increased during the period January/May 2025 by 59% YoY to record around USD 15.8 billion (compared to about USD 9.9 billion) On a monthly basis, remittances in May 2025 rose by 24.2% YoY to register about USD 3.4 billion, representing the highest level of inflows ever recorded in May (compared to around USD 2.7 billion) Google News تابعونا على تابعونا على تطبيق نبض Remittances from Egyptians Abroad جاري التحميل ...
