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RIYADH: Expatriate remittances from �������� rose to SR15.2 billion ($4.05 billion) in May, marking a 21 percent increase compared to the same month last year. 

According to data by the Saudi Central Bank, also known as SAMA, transfers by non-Saudis reached nearly SR70 billion during the first five months of 2024, an annual rise of almost 26 percent. 

Money sent abroad by Saudi citizens reached SR29.8 billion, up 13 percent year on year, the central bank’s monthly bulletin showed. 

The significant uptick in outbound transfers reflects several economic and social factors shaping the Kingdom’s labor market and remittance behavior. Among these are the rising number of foreign workers, improving wages, and growing reliance on digital payment solutions that facilitate cross-border transfers more efficiently. 

�������� is home to more than 16.41 million non-Saudis as of May, who make up over 44 percent of the population, according to data by Global Media Insight. As the Kingdom continues to develop under Vision 2030, many expats are taking on higher-paying jobs in health care, construction, logistics, and technology sectors. 

Improved career opportunities have led to increased disposable income, part of which is regularly sent back to support families in their countries of origin. 

In the Expat Insider 2024 survey conducted by international expat network InterNations, 75 percent of expatriates in the Kingdom said their career prospects had improved significantly since relocating to ��������. 

This placed the country second globally in the “Working Abroad Index,” just behind Denmark. The findings reflect growing expat satisfaction and underscore the rising earning potential in the Saudi labor market. 

Fintech adoption has also contributed to the remittance boom. Companies like stc pay, UrPay, and Tahweel Al-Rajhi offer fast and affordable remittance services integrated with mobile wallets, enabling low-cost and convenient international transfers. 

According to a 2024 World Bank brief, the average cost of sending $200 from �������� was 5.5 percent in the fourth quarter of 2023, making it one of the least costly G20 countries for remittance outflows.

In comparison, the G20 average stood at 6.5 percent, with countries like South Africa at 12.8 percent and Japan at 7 percent ranking among the highest. The global average cost for remittances was 6.4 percent, well above the UN Sustainable Development Goal target of 3 percent by 2030. 

The growth in remittances by Saudi nationals may be attributed to a combination of factors, including the expansion of the working-age population, increased international travel, overseas investments, and education-related transfers. 

Young Saudis studying abroad, owning property overseas, or supporting family members outside the Kingdom all contribute to rising personal transfers. 

The overall increase in outbound remittances aligns with broader macroeconomic trends. As �������� pushes to diversify its economy and empower the private sector, higher employment levels and better wage conditions are translating into more outbound flows. At the same time, remittances play a vital role in supporting economies across South Asia, the Middle East, and Africa, where many Saudi-based expats originate. 

The Kingdom’s commitment to financial innovation, coupled with a strong expat-driven economy, will likely keep remittance flows elevated in the months ahead. 

RIYADH: Dubai International Financial Center has announced its best-ever performance for the first half of a year, with 1,081 new companies registered between January and June — a 32 percent annual increase.

The total number of active registered firms at the financial hub rose to 7,700 in the first half of the year, an annual rise of 25 percent, according to the Government of Dubai Media Office.

DIFC also reported a 9 percent increase in its workforce, bringing the number of professionals employed in the center to 47,901.

The performance comes as Dubai continues to strengthen its position as a global financial hub, with the DIFC consistently ranking among the top 20 financial centers worldwide. It hosts more than 250 wealth and asset management companies, worth over $450 billion, which contribute about 5 percent to the emirate’s nominal gross domestic product.

“Dubai has entered a new and greater phase of growth, and these results highlight the competitiveness, attractiveness, and global confidence it enjoys,” said the Deputy Prime Minister and Minister of Finance of the UAE, and President of DIFC, Maktoum bin Rashid Al-Maktoum.

He added: “We firmly believe the future holds even more opportunities, and we will continue to strengthen DIFC’s capabilities and its ecosystems that foster innovation, agility, and business growth.”

The Dubai Financial Services Authority, which regulates entities operating from the center, reported a 28 percent year-on-year increase in financial services approvals, reaching 78 in the first half of 2025.

Hedge funds registered through DIFC also grew 72 percent to 85 accounts, reinforcing its role as the region’s largest hub for the sector.

Essa Kazim, governor of DIFC, said the center “remains the driving force behind Dubai’s economic growth” by diversifying the financial services sector.

The number of companies in fintech, artificial intelligence, and other innovation-driven industries rose 28 percent to 1,388.

DIFC also hosted major events, including Dubai AI Festival in April and Dubai FinTech Summit in May, underlining its ambitions to become a major hub for financial technology.

DIFC Academy, the center’s education arm, trained 4,947 learners in the first half of 2025 and continues to advance its “1 Million Learners” initiative to equip individuals with sustainability skills by 2030.

In real estate, the launch of DIFC Heights sold out in three days, and over 1.6 million sq. feet of new commercial space is under development to meet growing demand, the media office added.