Foreign remittances see 35 percent drop

A Saudi man shows Saudi riyal banknotes at a money exchange shop, in Riyadh, Saudi Arabia, in this January 20, 2016 photo. (REUTERS)
Updated 30 August 2016

Foreign remittances see 35 percent drop

JEDDAH: The remittances sent by foreigners to their families fell by 35 percent or SR5.5 billion during July, down from SR15.8 billion in June to SR10.3 billion in July. July marked the lowest volume of remittances in 41 months since February 2013.
According to data released by the Saudi Arabian Monetary Agency (SAMA), foreign remittances this July fell 19 percent compared to July of 2015, the equivalent of SR2.4 billion.
As for transfers by Saudi nationals, the volume declined 38 percent in July, from SR5.5 billion in June to SR3.4 billion in July.
According to reports, transfers by Saudi nationals in July this year were the lowest since January 2007.
The Ministry of Labor and Social Development said there are 8.7 million foreign employees in the private sector, besides 720,000 household workers. Around 72,000 foreigners work in the public sector, bringing the total number of foreigners employed in the Kingdom to 9.4 million.
The average monthly amount remitted by foreign workers in July was SR1,096, compared to SR1,685 during the month of June.


Saudi property fund branches begin reopening to public

Updated 03 June 2020

Saudi property fund branches begin reopening to public

  • Officials have urged citizens to communicate online
  • The REDF has been providing its services remotely during the lockdown period through 30 e-services on its website

RIYADH: Branches of the Saudi Real Estate Development Fund (REDF) have begun reopening to the public to deal with beneficiaries of the subsidized mortgage loan scheme.

However, officials have urged citizens to communicate online and only visit branches in person where absolutely necessary and after booking an appointment through the fund’s website, www.redf.gov.sa.

REDF spokesman, Hamoud Al-Osaimi, said: “The branches started gradually opening during the week to welcome citizens with prior bookings after making sure they are abiding by the preventive measures.

“Thirty-four branches have already been opened, while Makkah’s branch, along with Riyadh’s and Dammam’s women branches, will open on June 21.”

He stressed the importance of “respecting the preventive health measures such as wearing masks, washing and sterilizing hands, avoiding handshakes, and keeping a safe distance of two meters.”

Al-Osaimi added: “The services in the branches will be provided only when necessary and to those who have not completed their requests online. People should use the e-services to avoid visiting branches. REDF is keen to provide the services of the subsidized mortgage loan program electronically to ensure citizens’ safety.

“The branches’ employees will provide the necessary services while prioritizing social distancing. I ask citizens to adhere to the safety requirements and preventive measures adopted by the health authorities to preserve their safety.”

He pointed out that halls, reception, and administrative offices were being regularly sterilized.

The REDF has been providing its services remotely during the lockdown period through 30 e-services on its website. The beneficiaries care center (199088) and the fund’s social media platforms are also available to handle inquiries about the subsidized mortgage loan program and financing solutions.