Thursday July 25th, 2024
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Saudi Arabia Ranks Third Globally in International Remittances in 2023

Saudi Arabia’s total remittance amount amounted to USD 38.4 billion in 2023, ranking third place globally and second regionally.

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Saudi Arabia Ranks Third Globally in International Remittances in 2023

Saudi Arabia has been ranked third globally in countries sending international remittances in 2023, with the total amount of remittances amounting to SAR 144 billion (USD 38.4 billion) in that year. 

The United States of America topped the rankings with external remittances reaching USD 85.8 billion in 2023. Second place went to the United Arab Emirates with total remittances USD 38.5 billion.

In addition to ranking third globally in international remittances, the Kingdom also ranked second in the region for international remittances. First place went to the UAE, with third place going to Kuwait.

External remittances from the GCC countries recorded a decrease of 13% in 2023 compared to 2022. Total remittance flow to the MENA also experienced a general decrease in 2023 with a drop of 15% regionally, amounting to a total of USD 55 million. The sharp decrease is attributed largely to the decrease in remittance flows to Egypt in the last year.

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