Tuesday, May 21, 2024
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Saudi Arabian Expatriates Sent Home $3.2 Billion in March

RIYADH: Saudi Arabia’s foreign-born population sent home SR11.96 billion ($3.2 billion) in March, a 28 percent increase from the previous month, according to official data. This is the highest amount of money sent home since 2022.

Given that they actively support the expansion of business activities, the Kingdom’s new development projects have increased the expatriate population. Consequently, their remittance patterns could have been affected.

In contrast to the previous year’s period, there was a 0.34 percent drop in foreign remittances every quarter. The trend above can be attributed to the dynamic economic environment of Saudi Arabia, specifically the execution of financial sector reforms that are progressively compelling citizens to allocate a portion of their income domestically.

Jadwa Investment reported in February of this year that worker remittances were surprisingly low despite the increase in expatriates.

These organizations are motivated by the possibility of earning large government contracts. Furthermore, the ongoing structural changes aimed at promoting foreign direct investment have accelerated the expansion of businesses in the Kingdom.

In addition to regulatory reform, Saudi Arabia has modernized its legal governance and enforcement methods, including online government services, virtual court proceedings, and the digitization of employment contracts. These programs are essential to a larger reform package meant to establish the Kingdom as one of the top countries for ease of business.

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