Foreign remittances from Saudi Arabia decline by almost 7% in January

Updated 03 March 2017
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Foreign remittances from Saudi Arabia decline by almost 7% in January

RIYADH: Monthly foreign remittances have declined by 6.7 percent, down SR907 million from SR13.52 billion in December 2016, reaching SR12.61 billion in January.
According to an Al-Eqtisadiya report, despite having declined, January remittances remain high compared to the SR11.75 billion average remittances over the previous 12 months.
The report showed that annual foreign remittances in January increased overall by 4.86 percent over January 2016.
Remittances were the highest on record in June 2015, when SR15.8 billion were transferred abroad, a positive difference of 20.3 percent or SR3.22 billion higher than the figure of January 2017.
In July 2015, remittances reached the lowest point since February 2013, with only SR10.3 billon sent abroad.
In 2016, a total of SR151.9 billion were transferred by foreign workers to their home countries, compared to SR156.9 billion the previous year, which represented a 3 percent decline of around SR5 billion, constituting the first annual decline after a consecutive 11-year growth trend (between 2005 and 2015).
As for transfers made by Saudi citizens abroad, in January, the report shows a 13.4 percent growth in January, when it reached SR4.95 billion, compared to SR4.37 billion in December 2016.
Transfers in January were the highest since October 2016, when a total of SR5.36 billion was transferred abroad by Saudi nationals. This represents a consecutive three-month increase in transfers abroad.
On an annual basis, however, transfers declined this January by around 8.5 percent from January 2016, when transfers amounted to SR5.41 billion.


US Chargé d’Affaires to Saudi Arabia congratulates King Salman on National Day

Updated 24 min 23 sec ago
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US Chargé d’Affaires to Saudi Arabia congratulates King Salman on National Day

JEDDAH: The US Chargé d’Affaires to Saudi Arabia Christopher Henzel has issued a statement congratulating King Salman, Crown Prince Mohammed bin Salman and the Kingdom’s people on its National Day.
Henzel’s statement read: “On behalf of the United States of America and all my colleagues here at the Embassy and our Consulates General in Jeddah and Dhahran, I extend our congratulations to Custodian of the Two Holy Mosques King Salman, His Royal Highness Crown Prince Mohammad bin Salman, and the people of Saudi Arabia on your national day.
“Our partnership with Saudi Arabia extends from our close security cooperation to our strong relations in business and exchange programs. Together we are working to promote the security and prosperity of both our countries.
“Through our educational and cultural exchange programs we learn from each other and deepen our partnership. Over many decades hundreds of thousands of Saudi and American officials, tourists, business representatives, and students have traveled between our countries and in the process have cemented our strong ties.
“I wish the people of Saudi Arabia success in all their endeavors and look forward to a bright future as our two countries continue to work together.”