Foreign remittances from Saudi Arabia recorded a significant increase of 14 percent on an annual basis during the year 2024, reaching SR144 billion ($38.4 billion), which marks the highest level since 2022, according to the monthly statistical bulletin issued by the Saudi Central Bank (SAMA). The volume of remittances amounted to SR126.8 billion ($33.8 billion) in 2023, compared to SR143 billion ($38 billion). The increase was mainly influenced by the growth in employment rates and the improvement of wages in some sectors, according to a report in Asharq Al-Awsat newspaper. Economic analyst Rawan bint Rabian attributed this increase to strong economic growth, in addition to increased employment. “The expansion in implementing Vision 2030 projects led to a surge in demand for foreign labor, especially in the construction and services sectors. The data indicates that the number of non-Saudi workers in the private sector increased to 8.9 million in 2024, an increase of 3.5 percent on an annual basis, which was directly reflected in the volume of remittances,” she said. Rawan reported that some sectors witnessed an improvement in salaries, as the average monthly wages for foreign workers in the construction and services sector reached SR4,200 ($1,119) compared to SR3,850 ($1,026) […]