Complex Made Simple

Expats in Saudi Arabia send SAR118.8 billion back home

Outbound transfers by nationals increased by five per cent in September to total SAR8.1bn

Remittances by expatriates in Saudi Arabia amounted to SAR118.8 billion in the first nine months of the current year, up three per cent from the SAR115.7bn in the corresponding period last year.

In September, expatriates’ remittances edged down by three per cent or SAR419 million to SAR12bn, as against SAR12.4bn in August this year, according to figures compiled and analysed by Al Eqtisadiah.

On a year-on-year basis, the figures show that in September expats’ remittances went down by 13 per cent or SAR1.9bn from SAR13.9bn in the same month last year.

Outbound transfers by Saudi nationals increased by five per cent or SAR390m in September to a total of SAR8.1bn, compared with SAR7.7bn and SAR8.2bn in the same month of 2014.

According to the report, remittances by foreigners working in Saudi Arabia hit a total of SAR1.46 trillion in 22 years (1994-2015).

In 2014, expatriates’ remittances hit their all-time annual high, standing at SAR153.3bn, up by 3.6 per cent compared with the SAR148bn reported in 2013.

(SAR1 = AED0.979, at the time of publishing)