In May 2024, expat remittances in Saudi Arabia saw a significant increase of 12%, surpassing SR12 billion. According to the Saudi Central Bank, remittances reached SR12.6 billion compared to SR11.2 billion in May 2023. This growth indicates the robust economic activity among expatriates in the Kingdom.
Furthermore, the data revealed an 11% rise in remittances from April 2024, which stood at SR11.3 billion. Meanwhile, Saudis’ transfers abroad also saw a 6% increase, amounting to SR6.1 billion in May, up from SR5.8 billion in the same month last year.
Expat Remittances: Efforts to Regulate the Labor Market
Saudi Arabia continues to enhance its labor market’s competitiveness and attractiveness to skilled workers. The Kingdom has implemented major labor reforms since 2020, including improvements in the sponsorship system. These reforms facilitate job mobility and regulate exit and re-entry visa issuance without the need for employer approval.
Expat Community in Saudi Arabia
The Kingdom hosts a significant expatriate community. According to the Saudi General Authority for Statistics, the total population is 32.2 million, with foreigners comprising approximately 13.4 million, or 41.5%. Among the expatriates, Asian nationals make up over 42%, with the largest groups being Bangladeshi (2.1 million), Indian (1.88 million), and Pakistani (1.81 million).
Conclusion
The rise in remittances reflects the healthy economic interaction between Saudi Arabia and its expatriate workforce. These trends underscore the Kingdom’s commitment to creating a dynamic and inclusive labor market as part of its Vision 2030 goals.
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