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Saudi Arabia ranked third when it comes to sending Remittances


































Saudi Arabia ranked third when it comes to sending Remittances – World Financial institution













Posted by : Aahil Shaik
Monday, July 1, 2024

Saudi Arabia ranked third when it comes to sending Remittances – World Financial institution

Saudi Arabia ranked in second within the Arab world and third worldwide, when it comes to nations remitting cash overseas within the Yr 2023, . Over the course of the earlier 12 months, outward remittances totaled round 144 billion Saudi Riyals ($38.4 billion). Trending : Heat wave to continue in Saudi Arabia

Cash that expatriates ship again to their house nation or kinfolk or communities of their nation of origin is called a international remittance.

– In a current World Financial institution report titled “Migration and Improvement Temporary,” the US ranked first amongst all nations on the earth for sending worldwide remittances, with complete exterior remittance flows estimated to succeed in roughly $85.8 billion within the 12 months 2023.

– With remittances totaling over $38.5 billion, the United Arab Emirates positioned first within the Arab world and second globally, whereas Kuwait got here in third within the Arab world and tenth globally. Most Seen : GCC visa


The report states that whereas there have been some fluctuations within the upward development of exterior remittances from the Gulf Cooperation Council (GCC) nations between the years 2010 and 2019, they began to say no after 2019. The GCC nations’ exterior remittances decreased by 13 p.c within the 12 months 2023 in comparison with the 12 months 2022.

– With over $11.8 billion, Qatar was positioned fourth within the Arab world, behind Saudi Arabia, the United Arab Emirates, and Bahrain, which had roughly $2.7 billion. In 2023, India acquired $119.5 billion in abroad remittances, greater than some other nation. Mexico got here in second with $66.2 billion, adopted by China with roughly $49.5 billion, in response to the World Financial institution knowledge.

– Remittances to the Center East and North Africa fell by 15% to $55 billion within the 12 months 2023, in response to a analysis by the World Financial institution. This discount was primarily as a result of a major drop in remittances to Egypt. Learn : Fine for not carrying driving license in Saudi Arabia

Saudi Arabia ranked third when it comes to sending Remittances – World Financial institution

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