Saudi Arabia’s expat remittances hit near 9-year high at $4.13bn in March

According to data released by the Saudi Central Bank, also known as SAMA, this is the highest monthly level recorded in nearly nine years. Shutterstock
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Updated 18 May 2025
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Saudi Arabia’s expat remittances hit near 9-year high at $4.13bn in March

  • Central Bank says it is the highest monthly level recorded in nearly nine years
  • Transfers made by Saudi citizens rose to SR6.5 billion, representing a 27% increase

RIYADH: Expatriate remittances from Saudi Arabia soared to SR15.5 billion ($4.13 billion) in March 2024, marking a 29.61 percent year-on-year increase.

According to data released by the Saudi Central Bank, also known as SAMA, this is the highest monthly level recorded in nearly nine years.

The surge reflects an increasingly attractive labor market in the Kingdom and growing momentum in digital payment adoption, enabling smoother international money transfers for the country’s large expatriate population.

In parallel, transfers made by Saudi citizens also rose to SR6.5 billion, representing a 27 percent increase over the same period and reaching their highest level in almost three years, SAMA figures show.




People wait in line to remit money via a money transfer service in Riyadh. Shutterstock

The remittance upswing comes amid broader growth in cross-border transactions. According to Visa’s “Money Travels: 2024 Digital Remittances Adoption” report, published in October, senders in the Kingdom are primarily motivated to provide ongoing financial support to families, address urgent needs, and contribute to health and education-related costs.

These priorities have helped sustain high transaction volumes despite global remittance trends softening elsewhere.

The analysis also highlighted that digital platforms are now the preferred method for sending money internationally from Saudi Arabia. More than half of the surveyed users said they plan to increase their use of digital channels in the coming year, while fewer than a third expect to continue relying on traditional physical methods such as cash or money orders.

Ali Bailoun, Visa’s general manager for Saudi Arabia, Bahrain, and Oman, noted that the Kingdom remains one of the leading remittance-sending markets globally. He emphasized that the country’s payments sector is advancing rapidly and that local partners are continuing to enhance digital solutions that are secure, seamless, and aligned with evolving user expectations.

While digital tools are improving access and speed, remittance users nationwide still point to a few persistent challenges, including service fees and exchange rate clarity.

The study found that about one-third of senders and recipients reported concerns with costs and fee transparency, particularly when using cash-based transfer options.

Nonetheless, the continued shift toward digital channels is helping address many of these issues, offering users greater control, visibility, and convenience in managing international payments.

The report also found that 87 percent of Saudi-based respondents plan to send money abroad at least once per year. In comparison, 73 percent expect to receive remittances during the same timeframe, indicating steady demand and sustained cross-border financial engagement.

The upward volume and digital uptake trend reflect Saudi Arabia’s broader transformation agenda, as the Kingdom works to modernize its financial infrastructure in line with Vision 2030.

As remittance flows reach new highs, digital innovation plays a pivotal role in reshaping how individuals connect with and support their families worldwide.


Saudi non-oil trade surplus with GCC jumps over 200% in April

Updated 10 July 2025
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Saudi non-oil trade surplus with GCC jumps over 200% in April

JEDDAH: Saudi Arabia’s non-oil trade surplus with fellow Gulf Cooperation Council countries jumped by more than 200 percent in April 2025, driven by a sharp rise in re-exports and strengthening regional economic ties.

According to the latest figures released by the General Authority for Statistics, the Kingdom posted a trade surplus of SR3.51 billion ($935 million) with GCC nations during the month, compared to just SR1.16 billion in April 2024 — a year-on-year increase of 203.2 percent.

The total value of non-oil trade, which includes re-exports, between Saudi Arabia and the GCC bloc reached SR18.03 billion in April, reflecting a robust 41.3 percent growth from SR12.76 billion in the same month last year.

This momentum is attributed to the accelerated pace of regional economic integration, supported by strategic initiatives such as Saudi Arabia’s Vision 2030 and similar diversification programs across the Gulf. These frameworks aim to reduce dependence on hydrocarbons by fostering growth in sectors like logistics, finance, tourism, and manufacturing.

Non-oil exports — encompassing both national products and re-exported goods — saw a notable rise of 55 percent year on year to SR10.77 billion. Within this category, re-exports surged by 81 percent to SR7.74 billion, highlighting Saudi Arabia’s growing role as a regional re-export hub. National-origin exports also rose by 13.3 percent, totaling SR3.03 billion.

Imports from GCC countries also registered an increase, climbing to SR7.26 billion in April — a 25.2 percent rise compared to SR5.80 billion in the previous year.

Among individual member states, the UAE continued to dominate Saudi Arabia’s regional trade portfolio, accounting for SR13.53 billion — or 75.1 percent — of the Kingdom’s total non-oil trade with the GCC. Bahrain followed with SR1.8 billion (10 percent), while Oman recorded SR1.45 billion (8.1 percent). Kuwait and Qatar contributed SR819.9 million (4.5 percent) and SR422.1 million (2.3 percent), respectively.

The data reflects not only Saudi Arabia’s growing non-oil export capacity but also a broader regional shift toward more diversified, interconnected Gulf economies.


Saudia, flyadeal rise high in Cirium’s June punctuality rankings

Updated 10 July 2025
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Saudia, flyadeal rise high in Cirium’s June punctuality rankings

  • Marks Saudia’s second time in 2025 leading global rankings for arrival and departure punctuality
  • Achievement aligns with Kingdom’s ambition to become global aviation hub

JEDDAH: Saudia emerged as the world’s most punctual airline in June, topping global rankings for both on-time departures and arrivals, according to aviation analytics firm Cirium.

In its latest report, the London-headquartered independent aviation analytics company said that Saudia operated 16,733 flights in June, achieving a 91.33 percent on-time arrival rate and a 90.69 percent on-time departure rate — a 2.41 percent increase in arrival punctuality compared to May’s rate of 89.18 percent.

The achievement aligns with Saudi Arabia’s ambition to become a global aviation hub and a top destination for international travelers. Under Vision 2030, the Kingdom is investing heavily to boost private sector participation, expand connectivity, and reinforce its role in global aviation.

It also supports the National Aviation Strategy’s goal of enhancing the travel experience, which aims to target 330 million passengers annually, over 250 global destinations, and 4.5 million tons of air cargo by 2030.

Ibrahim Al-Omar, director general of Saudia Group, said, “Achieving exceptional on-time performance and maintaining operational excellence requires seamless coordination across all sectors and subsidiaries of the group.”

This marks Saudia’s second time in 2025 leading global rankings for both arrival and departure punctuality, following a similar achievement in March. It also mirrors the airline’s performance in June 2024, when it topped the rankings with an on-time arrival rate of 88.22 percent and a departure rate of 88.73 percent across 16,133 flights to more than 100 destinations.

Flyadeal, Saudia Group’s low-cost carrier, ranked first in the Middle East and Africa for on-time arrival performance, achieving a rate of 91.77 percent across more than 5,980 flights. The carrier’s performance surpassed that of Saudia within the region.

In a statement, Saudi Group said: “The accomplishment reflects Saudia and flyadeal’s unwavering focus in operational efficiency and excellence, achieved during the high-demand period of Hajj, summer travel, and Eid Al-Adha holidays.”

In the airport category, Cirium ranked Riyadh’s King Khalid International Airport as the world’s most punctual large airport for the same period. The travel gateway recorded a 90.41 percent on-time departure rate and an 86.99 percent on-time arrival rate, outperforming major global hubs in operational efficiency.

With 22,180 flights tracked, the Kingdom’s capital hub served 109 routes operated by 59 airlines, showcasing Saudi Arabia’s growing global connectivity and aviation excellence.

Meanwhile, Dammam’s King Fahd International Airport ranked seventh among medium-sized airports for on-time departures, achieving an 86.18 percent punctuality rate across 8,200 flights on 59 routes, according to Cirium.


Closing Bell: Saudi main index steady at 11,277; Nomu edges up

Updated 10 July 2025
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Closing Bell: Saudi main index steady at 11,277; Nomu edges up

RIYADH: Saudi Arabia’s Tadawul All Share Index was steady on Thursday, as it marginally declined by 0.01 percent, or 0.82 points, to close at 11,276.91. 

The total trading turnover of the benchmark index was SR4.96 billion ($1.32 billion), with 128 of the listed stocks advancing and 120 declining. 

The Kingdom’s parallel market Nomu gained 31.28 points to close at 27,479.50.

The MSCI Tadawul Index marginally shed 0.02 points to 1,445.23. 

The best-performing stock on the main market was SHL Finance Co. The firm’s share price increased by 9.95 percent to SR19.33. 

The share price of Fawaz Abdulaziz Alhokair Co., also known as Cenomi Retail, rose by 5.8 percent to SR31.38. 

Sustained Infrastructure Holding Co. also saw its stock price rise by 4.24 percent to SR35.44. 

Conversely, the share price of Umm Al Qura for Development and Construction Co. declined by 6.14 percent to SR25.06. 

On the announcements front, Anmat Technology for Trading Co. said that it received a contract valued at SR50 million from Etihad Etisalat, also known as Mobily, to supply and install power generator systems and a fuel monitoring system. 

In a press statement, Anmat said that the contract is effective from June 26 and will last until May 17, 2028. 

The company added that the impact of the deal will be reflected in the firm’s financials from the second half of this year and will continue until the end of the contract duration. 

The share price of Anmat, which is listed in Nomu, increased by 10.19 percent to SR12.33. 

International Human Resources Co. said that it signed a framework agreement with the Arab National Bank to provide human resources services. 

According to a Tadawul statement, the contract is valid for 12 months and will be renewed for a similar period unless either party notifies the other at least 30 days prior to the expiry date. 

International Human Resources Co.’s share price rose by 2.83 percent to SR6.17. 


Saudi Tourism Development Fund rolls out programs to boost startup growth 

Updated 10 July 2025
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Saudi Tourism Development Fund rolls out programs to boost startup growth 

RIYADH: Tourism startups and entrepreneurs in Saudi Arabia stand to benefit from three newly launched support initiatives aimed at accelerating innovation, attracting investment, and strengthening the Kingdom’s growing travel economy. 

The Tourism Development Fund has introduced the Grow Tourism Incubator, Tourism Hackathons and Bootcamps, and the Grow Tourism Accelerator — a suite of initiatives designed to empower early-stage ventures through TDF Grow, its non-financial enablement arm, according to a press release. 

Developing a robust tourism landscape is a key pillar of Saudi Arabia’s Vision 2030 agenda, as the Kingdom works to diversify its economy and reduce its reliance on oil revenues. 

The National Tourism Strategy targets 150 million annual visitors by 2030, after surpassing the 100 million milestone ahead of schedule, with official data showing the Kingdom welcomed 116 million tourists in 2024 — exceeding its annual target for the second year in a row. 

Qusai bin Abdullah Al-Fakhri, CEO of TDF, said: “We remain committed to empowering entrepreneurs to transform their ideas into promising, impactful projects. We strive to provide a comprehensive support ecosystem that addresses the needs of businesses at every stage, helping them overcome challenges and accelerate their growth.”  

He added: “These three programs embody our dedication to practical enablement, offering guidance, support, and connections with key stakeholders, to build a sustainable tourism sector full of opportunity and aligned with the aspirations of Saudi Vision 2030.” 

The Grow Tourism Incubator Program, now in its first edition, will target early-stage tourism startups. Registration opened on June 24 and will remain open until July 17. 

The incubator offers a 10-month immersive environment, providing participants with access to shared workspaces, as well as legal, marketing, and logistical support, along with technical and administrative services. 

The program will also include workshops, specialized training sessions, and mentorship by leading industry experts, delivered both virtually and in person at TDF headquarters — ensuring accessibility for entrepreneurs across the Kingdom. 

The Tourism Hackathons and Bootcamps program aims to support innovators and early-stage tourism projects, with a focus on three key regions: Asir, Al-Ahsa, and Madinah. 

Running for five months, the program will allow participants to take part in hackathons followed by training bootcamps, helping them develop their ideas into actionable prototypes. 

Registrations opened on July 1 and will remain open until July 22. 

The Grow Tourism Accelerator builds on the success of previous cohorts, which have graduated 99 participants to date. 

This three-month program is designed to support startups and help them scale within the tourism sector. 

“The accelerator also attracts international companies, enriching the diversity of the investment landscape and elevating service quality across the industry. The program provides integrated mentorship, culminating in graduation and connections with potential investors,” the TDF release stated. 

It added that the TDF Grow platform has supported 8,800 beneficiaries through its non-financial programs and initiatives, helping entrepreneurs and small and medium enterprises accelerate their projects and enhance the competitiveness of Saudi Arabia’s tourism sector.


OPEC says no peak to oil demand before 2050

Updated 10 July 2025
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OPEC says no peak to oil demand before 2050

  • OPEC sees oil demand rising by 18.6% to around 123 mbd in 2050
  • It expects demand to grow for longer than other forecasters

PARIS: The OPEC oil cartel said Thursday that demand for crude will continue to expand through at least 2050, calling efforts to rapidly shift away from fossil fuels an unworkable fantasy.

In its latest annual report on the outlook for oil demand, OPEC sees global oil demand rising by 18.6 percent from 103.7 million barrels per day in 2024 to around 123 mbd in 2050.

That rising demand will be “driven by expanding economic growth, rising populations, increasing urbanization, new energy-intensive industries like artificial intelligence, and the need to bring energy to the billions without it,” said OPEC Secretary General Haitham Al-Ghais in his foreword to the report.

“There is no peak oil demand on the horizon,” he said.

That forecast puts OPEC, which gathers together a number of the world’s leading oil exporting nations, at odds with the International Energy Agency, whose member states include many oil-consuming nations.

The IEA said last month that it expects global oil demand to begin to decline in 2030, driven by the rise of electric cars and the shift away from crude to produce power.

The IEA even sees oil demand dropping in Saudi Arabia as it replaces crude with gas and renewable energy to produce power.

Ghais said that OPEC sees growth in oil demand being primarily driven by developing nations, and that fossil fuels still account for around 80 percent of the global fuel mix, little changed from when the cartel was founded in 1960.

.”..it has become increasingly clear to many policymakers in recent years that the narrative of swiftly phasing out oil and gas has been seen for what it is: unworkable, and a fantasy,” he said.

The OPEC chief blasted many timelines to reach net-zero carbon emissions as having “little regard for energy security, affordability or feasibility.”

Experts say a rapid phase-out of fossil fuels is necessary if global warming is be kept to 1.5 degrees Celsius above preindustrial levels.