Source Credit: Saudi Expatriates
According to official data, remittances from foreigners in Saudi Arabia increased by 14% last year, reaching SR144.2 billion in 2024 from SR126.8 billion the year before. According to data from the Saudi Central Bank, the 2024 transactions made by foreigners in the country were the most since 2021.
All months of 2024 had an increase in remittances, with the exception of January and February.
Citing data from the central bank, the Saudi news portal Akhbaar24 stated that December was the strongest month, with expat remittances reaching a record high of almost SR14 billion, the largest since March 2022.
In contrast, transfers made by Saudis overseas in 2024 were over SR68.6 billion, an 11% rise over the year before.All months of 2024 saw an increase in their transfers, with the exception of March and June. There is a sizable population of foreign workers in Saudi Arabia, a nation with a population of over 35 million.
The General Authority for Statistics said earlier this month that 35.3 million people lived in Saudi Arabia by the middle of 2024, with 44.4 percent of them being non-Saudis, or about 15.7 million people.
Saudi Arabia has increased its efforts in recent years to control the labor market and make it more competitive, stable, and appealing to highly qualified workers.
In order to protect contractual rights, the Saudi government has authorized a number of significant labor reforms. As a result, the notice period for ending an employment contract with no set expiration has been changed to 30 days for the employee and 60 days for the employer.
