Complex Made Simple

Saudis’ outbound transfers up 18 per cent in July

Remittances by foreign workers edged up slightly by 0.2 per cent or SAR28 million

Outbound transfers by Saudi nationals soared by 18 per cent in July following a three-month downward streak, according to fresh analysis.

In July, Saudis sent abroad a total of SAR8.2 billion, the highest since November last year while in July last year the amount they transferred was SAR6.3bn.

Remittances by foreign workers in Saudi Arabia edged up slightly by 0.2 per cent or SAR28 million in July, data collected by Al-Eqtisadiah reveals.

Foreign workers sent home a total of SAR12.73bn in July compared with SAR12.7bn in the same month last year.

Expatriates’ remittances decreased by three per cent in June compared with the corresponding period last year.

On a month-on-month basis, expatriates remittances retreated by three per cent or SAR455m totalling SAR13.2bn in June.

According to official government data, there are 10.07m foreigners in Saudi Arabia, comprising 33 per cent of the kingdom’s total population, which reached 30.7m.

Monthly transfers by foreigners in Saudi Arabia averaged SAR1,172 for each person since the beginning of the current year.

(SAR1 = AED0.98, at the time of publishing)