Skip to content Skip to Search
Skip navigation

Expat remittances from Saudi rise 12% to $3.4bn

Expat remittance from Saudi Arabia rose 11 percent month on month in May 2024 Reuters/Mohamed Abd El Ghany
Expat remittance from Saudi Arabia rose 11 percent month on month in May 2024

Expat remittance from Saudi Arabia jumped by 12 percent year on year to SAR12.6 billion ($3.4 billion) in May, according to the Saudi Central Bank (Sama).

Remittances rose 11 percent month on month, or SAR1.3 billion, in May, the central bank said.

Globally, remittances to low- and middle-income countries grew by an estimated 3.8 percent in 2023, reaching $669 billion, the World Bank said in its December 2023 report. It is forecasting a global increase of 2 percent for 2024.



India is the world’s largest recipient of money transfers, followed by Mexico, China, the Philippines and Egypt.

India was the origin of the largest number of international migrants in the world, with large diasporas living in countries such as the UAE, the US and Saudi Arabia, the International Organisation for Migration said in its World Migration Report 2024.

India is forecast to receive $125 billion this year, a rise of 12.4 percent.

Its remittances outlook for 2024 will hinge on developments in the Gulf, as almost 29 percent of the flows originate from migrants employed in the region, the World Bank said. 

Latest articles

GCC UK tax. The Labour government under new prime minister Keir Starmer may merge capital gains tax with income tax Video length: 04:06

GCC investors in UK warned of new tax liabilities

The newly elected Labour government is expected to introduce a range of tax changes that will impact non-doms – British expatriates living overseas – as well as the UK’s community of wealthy foreign investors.  Tax consultants suggest that GCC investors considering selling their UK assets should do it “sooner rather than later” to escape the […]

Iraqi Airways is seeking to expand its international reach. The airline has been working to modernise its fleet and improve its service standards,

Iraq given boost in plan to lift European flight ban

Iraq has moved a step closer to returning its flag carrier to European skies after receiving the support of the International Air Transport Association (IATA). Iraqi Airways was originally banned from Europe in 1991 due to safety concerns. Restrictions were briefly lifted in 2009 but enforced again in 2015 as the airline failed to meet […]

Part of the $3 billion deal is to redevelop Indonesia's Soekarno-Hatta International Airport

Eagle Hills gets claws into Indonesia

Eagle Hills, the Abu Dhabi developer, looks set to add Indonesia to its burgeoning worldwide portfolio. A tentative agreement was signed on Wednesday with the Indonesian government to develop $3 billion worth of tourism assets in the Southeast Asian archipelago. The deal has a validity of one year only, with the possibility of renewal, and […]

In a concession to the electorate, the legislation before parliament proposes a 25 percent increase in the payment to pensioners on the lowest rate of support

Turkey targets business with steep taxes to raise revenue

Multinational corporations operating in Turkey face a steep increase in their tax bills, thanks to one of the new revenue-raising measures outlined by the government in draft legislation aimed at narrowing the budget deficit. Under the new tax reforms, tabled before the parliament on July 16, multinationals with more than $817.6 million in annual consolidated […]