Saudi Arabia’s Ministry of Finance denies imposing fees on foreign worker remittances

The Ministry of Finance said reports of a remittance fee were 'baseless'. (Shutterstock)
Updated 04 September 2018

Saudi Arabia’s Ministry of Finance denies imposing fees on foreign worker remittances

JEDDAH: Saudi Arabia’s Ministry of Finance denied on Monday reports that it was planning to impose fees on the remittances of foreign workers.

The ministry said it was committed to supporting the free movement of capital through official channels in accordance with international standards and practices.

The statement was issued in response to “baseless and unfounded reports” by some media outlets. 

The Kingdom is home to more than 10 million foreign workers who in 2017 sent almost $38 billion to their home countries. 

The ministry said keeping the remittances free of fees “will also enhance foreign investors’ confidence in the Kingdom’s economy and financial systems.”

The ministry said it had already denied rumors of charging expats for their remittances in January 2017.

Deutsche Bank appoints Riyadh GM

Updated 18 September 2018

Deutsche Bank appoints Riyadh GM

  • German banking titan expects more deal flow from Kingdom
  • Deutsche Bank established base in Saudi Arabia in 2006

LONDON: Deutsche Bank has appointed Mohammed Alajmi as general manager of Deutsche Bank Riyadh Branch in Saudi Arabia.
He will have oversight of the bank’s business regulated by the Saudi Arabian Monetary Authority (SAMA), Deutsche Bank said in a statement.
The German banking giant originally established its Riyadh branch in 2006.
Alajmi joined Deutsche Bank in 2012 after more than a decade of working at local financial institutions in the Kingdom.
He was appointed chief operating officer in June 2015 overseeing the bank’s activities across all businesses and infrastructure functions.
The group expects to boost regional hiring this year, driven by expected corporate bond sales and initial public offerings, Bloomberg reported in February.