Saudi Expat Remittances Jump 14% in 2024, Reaching SR144 Billion
Foreign remittances climb to their highest level since 2022, driven by rising employment, wage increases, and stable exchange rates.
Foreign remittances from Saudi Arabia increased by fourteen percent in 2024, reaching one hundred and forty-four billion Saudi riyals, or approximately thirty-eight point four billion US dollars, according to a monthly statistical bulletin issued by the Saudi Central Bank (SAMA).
In two thousand twenty-three, the volume of remittances was reported at one hundred and twenty-six point eight billion riyals, or about thirty-three point eight billion US dollars.
This rebound marks the highest level since two thousand twenty-two.
Economic analysts attribute the increase to improved employment rates and rising wages in key sectors such as construction and services, driven by the expansion of Vision Two Thousand Thirty projects.
A report in Asharq Al-Awsat noted that the number of non-Saudi workers in the private sector rose to eight point nine million in two thousand twenty-four, an increase of three point five percent from the previous year.
In addition, average monthly wages for foreign workers in these sectors increased to four thousand two hundred riyals from three thousand eight hundred fifty riyals in two thousand twenty-three.
The stability of the Saudi riyal, maintained at three point seven five riyals per US dollar, and a two point five percent rise in the consumer price index have further contributed to the higher remittance levels, as workers send a larger portion of their income abroad.
Mohammed Al-Faraj, senior director of Asset Management at Arbah Capital, indicated that the growth is supported by increased foreign labor, improved economic conditions in workers' home countries, and the development of financial services that facilitate fund transfers.
Remittances now represent approximately five point twenty-five percent of total deposits in Saudi banks, according to SAMA's November two thousand twenty-four report.
In two thousand twenty-three, the volume of remittances was reported at one hundred and twenty-six point eight billion riyals, or about thirty-three point eight billion US dollars.
This rebound marks the highest level since two thousand twenty-two.
Economic analysts attribute the increase to improved employment rates and rising wages in key sectors such as construction and services, driven by the expansion of Vision Two Thousand Thirty projects.
A report in Asharq Al-Awsat noted that the number of non-Saudi workers in the private sector rose to eight point nine million in two thousand twenty-four, an increase of three point five percent from the previous year.
In addition, average monthly wages for foreign workers in these sectors increased to four thousand two hundred riyals from three thousand eight hundred fifty riyals in two thousand twenty-three.
The stability of the Saudi riyal, maintained at three point seven five riyals per US dollar, and a two point five percent rise in the consumer price index have further contributed to the higher remittance levels, as workers send a larger portion of their income abroad.
Mohammed Al-Faraj, senior director of Asset Management at Arbah Capital, indicated that the growth is supported by increased foreign labor, improved economic conditions in workers' home countries, and the development of financial services that facilitate fund transfers.
Remittances now represent approximately five point twenty-five percent of total deposits in Saudi banks, according to SAMA's November two thousand twenty-four report.
