RIYADH: According to official data, expatriate remittances to Saudi Arabia increased by 28% in March compared to the previous month to reach SR11.96 billion ($3.2 billion), the highest amount since 2022.
The number of expatriates has increased due to the Kingdom’s new development projects, since they actively support expanding business operations. Their remittance patterns may have been affected as a result.
These organisations are motivated by the possibility of winning large government contracts. Furthermore, the Kingdom’s business growth has been further stimulated by the ongoing structural reforms aimed at improving foreign direct investment.
Saudi Arabia has modernised its legal governance, enforcement procedures, and regulatory reforms. Examples of these practices include the digitization of employment contracts, virtual court proceedings, and the availability of online government services. These programs are essential parts of a larger reform package designed to make the Kingdom one of the most business-friendly countries in the world.
In contrast to the same period previous year, there was a 0.34 percent drop in foreign remittances on a quarterly basis. The aforementioned trend can be ascribed to the dynamic economic environment of Saudi Arabia, specifically the execution of financial sector reforms that are progressively compelling citizens to allocate a portion of their income domestically.
Jadwa Investment reported in February of this year that worker remittances were surprisingly low despite the increase in expatriates.
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