Sign inSubscribe

Search Site

VideosInforgraphics
Sign inSubscribe
Trends banner

Economy

Tesla Q2 sales down 13.5%

Shares rally after the disclosure, better than some forecasts.

TomTom cuts 300 jobs

The firm said it was realigning its organization as it embraces AI.

Aldar nets $953m in sales at Fahid

Aldar said 42 percent of the buyers are under the age of 45.

Qualcomm to Alphawave for $2.4 bn

The deal makes Alphawave the latest tech company to depart London.

Equinor signs $27 bn gas deal

The 10-year contract was signed with Centrica.

Expat remittances from Saudi rise 5 percent to $3.91 bn in March

Companies that discriminate between male and female workers, whether in employment conditions or recruitment advertisements, will be subject to fines amounting to SR3,000 ($800).
By TRENDS Desk
May 4, 2022 4:19 pm
  • Saudi Arabia was the third largest source of remittances globally in 2020, just behind the UAE and the US, according to the World Bank.
  • The US was the biggest source country, sending $68 billion abroad last year, while foreign workers in the UAE sent home $43 billion.

Personal remittances of expatriates in Saudi Arabia jumped 5 percent year-on-year (YoY) to SR14.7 billion ($3.91 billion) in March.

Saudi Gazette, citing data released by the Saudi Central Bank (SAMA), said that compared to the previous month, remittances from expatriates in Saudi Arabia jumped 31 percent, or SR3.5 billion.

The remittances hit more than one-and-a half year high, since July 2020 when they reached SR15.2 billion, the report said.

Remittances by Saudi nationals to other countries rose 2 percent YoY to SR6.62 billion in March.

Saudi Arabia was the third largest source of remittances globally in 2020, just behind the UAE and the US, according to the World Bank.

The US was the biggest source country, sending $68 billion abroad last year, while foreign workers in the UAE sent home $43 billion and those in Saudi Arabia transferred $35 billion, said the report in May last year.

Among middle-income countries, immigrants to Russia were the biggest remitters, sending $17 billion.

[adinserter block="5"]

Most Read

Getting vaccinated is ‘the most patriotic thing’ to do

The Fourth of July is a sacred day in our country. A day of history, of hope, remembrance and resolve with promise and possibilities. Before me stands monuments of the…

UAE’s working mothers get extended maternity leave

The Gulf country is setting a new benchmark for supporting working mothers by doubling the mandated maternity leave to 120 days, Kathryn Martin VFS Global tell TRENDS.

Saudi Arabia to generate $150 billion in investments from its new transport policy

The government would provide thirty-five percent of the investments The rest of it, sixty-five percent, will come from the private sector Saudi Arabia expects to generate $150 billion from investments…

GCC healthcare: Transforming the region and impacting the world

PwC forecasts that AI could contribute US$320 billion to Middle Eastern economies by 2030, with healthcare predicted to see some of the largest gains relative to its current size

New-Age Growth Comes Home to the GCC

The region, fueled by ambition and massive investment, is rapidly advancing in technology and infrastructure, aiming to secure a leading role in the 4IR.

[adinserter block="4"]