Double-digit Drop In Saudi Expat Remittances For First Nine Months
Transfer of money by Saudis outside the kingdom also down 9% compared to last year
The stats also revealed that transfer of money by Saudis outside of the country fell nine percent for the first nine months to SR42bn ($11.2bn) compared to last year.
Expatriates in Saudi Arabia sent SR93 billion ($24.8bn) overseas in the first nine months of the year – down 11 percent for the same period in 2018.
However, according to figures released by the Saudi Arabian Monetary Authority (SAMA), September saw a four percent increase in remittances, reaching SR10.28bn ($2.7bn), compared to the corresponding month last year.
The stats also revealed that transfer of money by Saudis outside of the country fell nine percent for the first nine months to SR42bn ($11.2bn) compared to last year.
And the report by SAMA said remittances specific to September from Saudis outside the kingdom saw a five percent decline to SR4.53bn ($1.2bn) compared to the same month in 2018.
For all the latest banking and finance news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.Mubadala Completes Acquisition Of Service Logic In Partnership With Bain Capital
Service Logic is headquartered in Charlotte, North Carolina, and is a leader in comprehensive commercial HVAC and build... Read more
Saudi Arabian Bank Credit Reached An All-time High Of $880 Billion
Saudi Central Bank’s monthly statistical bulletin says this is an annual increase of 13.6%; credit issued is distribu... Read more
E Point Zero Completes 100% Acquisition Of Egypts Maseera Holding
Abu Dhabi company buys out the remaining 5% ownership interest from Amro Abouesh, CEO and Founder, who will step down T... Read more
UAE Approves Budget, Outlines Financial Strategy For 2026
Board meeting chaired by Mansour bin Zayed focused on digital transformation, payment systems and regulatory developmen... Read more
DFSA Updates Crypto Token Rules For Firms Operating In DIFC
Revised regulations, effective from January 2026, place greater responsibility on firms to assess crypto tokens while s... Read more
EXCLUSIVE: Buy Bitcoin Every Month, Change Your Life – Expert
Venture capitalist, blockchain expert and entrepreneur Alex Reinhardt offers a simple crypto strategy The post EXCLUSIV... Read more