Saturday, February 22, 2025
Egyptian workers in Saudi Arabia sent 28 billion Riyals to home in 2024
The value of remittances sent back by Egyptians working in Saudi Arabia has been revealed by the Egyptian Central Agency for Public Mobilization and Statistics (CAPMAS). In fiscal year 2023/2024, it was $8 billion, or about 28 billion Saudi riyals. Trending video: Saudi Arabia's Worker Verification Update expanded to 160 countries
In fiscal year 2022/2023, it was $8.3 billion. However, in fiscal year 2023/2024, the value of remittances from Saudis working in Egypt was $11.6 million, down from $26.1 million in fiscal year 2022/2023.
Based on the data provided by the agency, Egyptian exports to Saudi Arabia jumped 25.9 percent to $3.4 billion in 2024 from $2.7 billion in 2023.
Imports to Egypt from Saudi Arabia reached $7.9 billion in 2024, or almost 20 billion Saudi riyals, up 43.6% from $5.5 billion the previous year.
According to CAPMAS, Egypt and Saudi Arabia's trade value would soar to $11.3 billion in 2024, up 37.8 percent from $8.2 billion in 2023. Recommend: Expats remittance from Saudi Arabia to their home countries reach 144 billion riyals
The primary categories of Egyptian exports to Saudi Arabia in 2024:
* Pure copper wire valued at $645 million.
* Fruits and vegetables valued at $397 million.
* Material valued at $222 million in steel and iron.
* $202 million on ready-to-wear apparel.
* $91 million on furnishings and prefabricated buildings. Follow Saudi Expatriates News channel on Telegram
Meanwhile, imports of fuels, mineral oils, and distillation products from Saudi Arabia to Egypt amounted to $5.6 billion in 2024, making them the most important commodity groupings imported by Egypt.
* About $1.3 billion worth of plastics and everything made from them.
* Product value of $285 million in organic chemicals.
* Aluminum and its byproducts valued at $213 million?
* Worth $109 million in paper and pulp products.
How much Saudi money has been invested in Egypt?
Investments from Saudi Arabia into Egypt were valued at $775.5 million in FY2023/2024, down from $2.4 billion in FY2022/2023, and investments from Egypt into Saudi Arabia were $190 million, down from $272.1 million in FY22/2023. See Also: New amendments of Saudi Labor Law come into effect
Egyptian workers in Saudi Arabia sent 28 billion Riyals to home in 2024
