Remittances from expats in Saudi fell 7.3% to SAR 11.6bn in July
In July 2022, remittances made by foreign nationals living in Saudi Arabia totaled SAR 11.6 billion, a 7.3% decrease from July 2021’s record of SAR 12.5 billion.
On a monthly level, the total remittances of foreigners residing in the Kingdom recorded a 12% decrease, as it was in June 2022, about SAR 13.2 billion.
In a related vein, the amount of money sent home by Saudi citizens jumped by 49% to SAR 6.15 billion in July 2022 from SAR 4.13 billion in July 2021.
On a monthly basis, remittances from Saudis abroad decreased by 8.8%, as it was in June 2022, about SAR 6.74 billion.
Saudi Arabia began implementing programs to localize jobs, including entire sectors that were controlled by expatriate workers, with the aim of reducing unemployment rates and providing job opportunities for Saudi youth.
The personal remittances of foreigners residing in Saudi Arabia (expats), increased by 2.79%, equivalent to about SAR 4.18 billion, in 2021.
It reached SAR 153.87 billion ($41.03 billion), compared to SAR 149.69 billion ($39.92 billion) in 2020.
And the value of remittances recorded during 2021, the highest value since 2015, equivalent to 6 years, amounting to SAR 156.86 billion ($ 41.83 billion).
