Saudi Arabia ranked 3rd in terms of sending Remittances - World Bank
Saudi Arabia ranked in second in the Arab world and third worldwide, in terms of nations remitting money abroad in the Year 2023, . Over the course of the previous year, outward remittances totaled around 144 billion Saudi Riyals ($38.4 billion). Trending : Heat wave to continue in Saudi Arabia
Money that expatriates send back to their home country or relatives or communities in their nation of origin is known as a foreign remittance.
- In a recent World Bank report titled "Migration and Development Brief," the US ranked first among all nations in the world for sending international remittances, with total external remittance flows estimated to reach approximately $85.8 billion in the year 2023.
- With remittances totaling over $38.5 billion, the United Arab Emirates placed first in the Arab world and second globally, while Kuwait came in third in the Arab world and tenth globally. Most Viewed : GCC visa
The report states that while there were some fluctuations in the upward trend of external remittances from the Gulf Cooperation Council (GCC) countries between the years 2010 and 2019, they started to decline after 2019. The GCC countries' external remittances decreased by 13 percent in the year 2023 compared to the year 2022.
- With over $11.8 billion, Qatar was placed fourth in the Arab world, behind Saudi Arabia, the United Arab Emirates, and Bahrain, which had roughly $2.7 billion. In 2023, India received $119.5 billion in overseas remittances, more than any other country. Mexico came in second with $66.2 billion, followed by China with approximately $49.5 billion, according to the World Bank data.
- Remittances to the Middle East and North Africa fell by 15% to $55 billion in the year 2023, according to a research by the World Bank. This reduction was primarily due to a significant drop in remittances to Egypt. Read : Fine for not carrying driving license in Saudi Arabia
Saudi Arabia ranked 3rd in terms of sending Remittances - World Bank