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.First Abu Dhabi Bank Opens New London Branch, Marking 48 Years In The UK
FAB first entered London through its predecessor National Bank of Abu Dhabi, and the city now serves as a hub for priva... Read more
Estithmar Holding Net Profit Doubles To $128mn In H1 2025
Doha-based investment firm posts revenue of QAR 3.073 billion as international expansion drives growth Read more
UAE Central Bank Follows Fed Lead And Maintains Base Rate At 4.4%
Also decides to maintain the interest rate applicable to borrowing short-term liquidity at 50 basis points above the Ba... Read more
Joyalukkas Secures AED500m Capital Boost From Emirates NBD For Global Expansion
The deal is fully integrated with Emirates NBD’s advanced digital and trade platforms, offering Joyalukkas real-time ... Read more
UAE Central Bank Suspends Foreign Insurers Motor Business Over Solvency Issues
The CBUAE cited the entity's non-compliance with solvency and guarantee requirements specified in the Law and prevailin... Read more
Standard Chartered Launches UAEs First Sustainable Escrow And Account Bank Solution
New solution enables clients to align cash deposits with sustainability goals through a market-first offering available... Read more