Expatriates’ remittances from KSA rise by 6% to SR33.9b in Q1

The personal remittances by expatriates in Saudi Arabia reached SR12.2 billion during March 2020, with an 8.7 percent rise, compared to SR11.258 billion in March 2019, Saudi Press Agency (SPA) said Friday.

At the monthly level, the total personal remittances by expatriates in the Kingdom have registered a 12.7 percent rise, when in February 2019 the remittances reached SR10.842 billion.

During Q1 2020, the value of expatriates’ remittances from Saudi Arabia reached SR33.855 billion, compared to SR31.934 billion in Q1 2019, registering a 6 percent rise in Q1 2020.

In a related development, Saudis’ remittances to overseas countries in March 2020 rose by 21 percent to SR5.162 billion, compared to SR4.267 billion in March 2019.

On a monthly basis, Saudis’ remittances to overseas countries rose by 21.4 percent in 2020, when they totaled SR4.252 billion in February 2019.

Saudi Arabia began implementing programs for Saudization of jobs, including whole sectors that were controlled by expatriate workers. The objective is to reduce unemployment rates and provide job opportunities to the Saudi youth.

During Q4 2018, the value of foreigners’ remittances reached SR32.93 billion, compared to SR38.261 billion in Q4 2017, with a 14 percent drop in 2018.

The personal remittances by expatriates in Saudi Arabia during 2019 had registered an 8 percent drop to reach SR125.5 billion, compared to SR136.4 billion in 2018.