DUBAI: Remittances of non-Saudis reached SR13.7 billion ($3.6 billion) in August, a 9.8 percent increase from the month before, as the Kingdom recovers from the impact of COVID-19.
Data from the Saudi central bank showed the payments were up from SR12.5 billion in July, reversing the seven percent drop in the previous month.
The pandemic has slightly affected remittance outflow in the Gulf, where millions of expats live and work. Globally, remittances dropped 1.6 percent in 2020.
There is a positive outlook in the region’s remittance going forward however, as businesses that employ expats navigate a pandemic exit strategy - driven by Gulf governments’ efforts to control the health crisis.
Just this week, global ratings agency S&P Global said the Kingdom will see recovery in both its oil and non-oil sectors, attributed mostly to a successful vaccine roll-out.
The new figure rounds up expat personal transfers in the Kingdom to SR102.97 billion ($27.46 billion) since the beginning of the year - a growth of 6.1 percent compared to the same period last year.