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FINANCIAL NEWS
Expats in Saudi Arabia remit USD112b in 4 years
25 Jun 2012
(MENAFN) Expatriates in Saudi Arabia have remitted about USD112 billion outside the Kingdom during the past four years, Saudi Gazette reported.
Citing Al Riyadh Arabic daily, the study, conducted by Western Union analysts, also indicated that 25 percent of all remittances to countries in the Middle East and North Africa region come from Gulf Cooperation Council (GCC) countries.
According to the International Monetary Fund (IMF), the remittances of workers in Saudi Arabia to overseas countries had topped USD194 billion during the first decade of the 21st century, expecting this year to see USD26.67 billion remitted.
Khaled Al-Jawhar, Managing Director of Al-Jawhar Investment Company, said the rise in the volume of foreign remittances from the Kingdom is a result of the large number of foreign workers in the local market who send their savings to their countries in different parts of the world.
Al-Jawhar proposed increasing qualified Saudi nationals in the labor market, which requires, according to him, increasing the number of technical and technology centers in all regions of the Kingdom and not focus on the big cities only.
This will help cut the number of expatriate workers as well as their remittances to overseas countries.
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