Saudi Arabia Witnesses a 14% Increase in Expat Remittances
Expatriate remittances in Saudi Arabia saw a significant surge in 2024, reaching SR144.2 billion, a 14% increase from SR126.8 billion in 2023, according to the Saudi Central Bank. This marks the highest remittance flow recorded since 2021.
The majority of these money transfers occurred in 2024, with December alone witnessing SR14 billion, the highest monthly remittance volume since March 2022.
Remittance Trends Throughout 2024
Expat Transfers: A Year of Growth
With the exception of January and February, expatriate remittances saw consistent growth throughout 2024. The rising numbers reflect strong economic activity and continued employment opportunities for foreign workers in the Kingdom.
Saudi Nationals Also Increase Overseas Transfers
Saudi citizens also sent more money abroad in 2024, totaling SR68.6 billion, an 11% increase compared to the previous year. Unlike expatriate remittances, Saudi money transfers grew in every month except March and June.
Saudi Arabia’s Expat Population and Its Economic Role
Saudi Arabia, home to a population of 35.3 million as of mid-2024, has a significant expatriate workforce. According to the General Authority for Statistics, 44.4% (15.7 million people) of the total population are foreign nationals. The consistent rise in remittances highlights their crucial contribution to both the Saudi economy and their home countries.
