Saudi expat remittances surge to three-year high $38.5bn, SAMA reveals

RIYADH: Expatriate remittances from Saudi Arabia surged to SR144.2 billion ($38.45 billion) in 2024, a 14 percent increase over the preceding year, according to recent data.

Figures from the Saudi Central Bank, also known as SAMA, revealed that this figure is the highest in three years. In December alone, non-Saudi transfers totaled SR14.02 billion, a 31.7 percent increase on the same month last year.

In December, these transfers surged to their highest monthly value in more than seven years, reaching SR7.66 billion.

Thamer Al-Harbi, an expert on remittances, told Arab News that this significant surge can be largely attributed to the robust growth of the Saudi economy, driven by Vision 2030 projects.

He flagged up the “high demands to get (laborers) from different levels and skills and from many parts in the world,” adding that the statistics underline an increase in non-Saudi workers.

As these projects continue to expand, they require skilled and unskilled workers from all over the world, leading to a significant increase in the foreign workforce.

He also explained that expatriates sending money “to their loved ones” during the holiday season largely drove the 31.7 percent annual surge in December.

Reflecting on how economic and regulatory trends in Saudi Arabia and the recipient countries affect remittance fluctuations, he said: “It is playing a role. For example, the stability of their currency will reflect on remittance through banking channels as they trust the currency and they get a good rate.”

The expert said that the top destinations for remittances from Saudi Arabia align closely with the largest expatriate communities in the Kingdom.