Expats remit SR131bn in 10 months

Expats remit SR131bn in 10 months
Updated 02 December 2015

Expats remit SR131bn in 10 months

Expats remit SR131bn in 10 months

JEDDAH: Foreign workers in the Kingdom transferred SR130.74 billion in remittances abroad during the 10-month period from January 2015 to October 2015, as compared to SR126.47 billion transferred abroad during the same period last year.
During October alone, SR11.95 billion was transferred to accounts abroad, an increase from SR10.8 billion transferred during October 2014, but a decrease from SR12.02 billion transferred during September 2015.

Meanwhile, transfers by Saudis increased by 2 percent over a one-year period, from SR71.39 billion last year to SR73.11 billion this year. Transfers decreased from SR8.87 billion in October 2014 to SR7.22 billion in October 2015, a decline of 19 percent.
In total, financial transfers by both Saudi and non-Saudi nationals during the past year increased by 3 percent from the previous year, with the lowest total value of remittances occurring during the month of October this year.
Foreign nationals currently living in the Kingdom make up 32.7 percent of the total population, or 10.7 million individuals, according to the latest statistics issued at the end of 2014 by the Department of Statistics and Information.
Per capital income among residents, including remittances, has been around SR1,298 per month since the start of 2015, as compared to SR1,256 during the same period last year.
It is noteworthy that the Ministry of Labor issued 60,004 seasonal work visas to 86 establishments during the Haj season this year, which contributed to the rise in foreign remittances. The ministry’s branch in Makkah issued most of these seasonal work visas, a total of 59,538 visas to 79 establishments, while the ministry’s branch in Madinah issued 466 visas to seven establishments.