Saudi Arabia: Remittance of expats drops by 7.3% in July

Riyadh: Remittances of ex-pats residing in Saudi Arabia have dropped by 7.3 percent reaching Saudi Riyal (SAR) 11.6 billion in July 2022 as compared to SAR 12.5 billion in 2021.

There was a 12 percent decrease in the current remittance as compared to June 2022 when it reached SAR 13.2 billion. In contrast, the Saudis abroad amassed a remittance of SAR 6.15 billion in July 2022, compared to SAR 4.13 billion in July 2021.

However, on a monthly basis, remittances of Saudis abroad decreased by 8.8 percent when they stood at SAR 6.74 billion in June 2022.

The personal remittance of the ex-pats rose by 2.79 percent or about SAR 4.18 billion in 2021 reaching SAR 153.87 billion compared to SAR 149.69 billion in 2020.

The Kingdom of Saudi Arabia has begun “Saudiizations” of jobs in sectors that were earlier controlled by expatriates. This was done in order to decrease unemployment among Saudi nationals reported Saudi Gazette.