Saudi Arabia Ranks 3rd Globally in Remittance Outflows for 2023: World Bank Report

Saudi Arabia Ranks 3rd Globally in Remittance Outflows for 2023: World Bank Report

In 2023, Saudi Arabia emerged as the third-largest global sender of international remittances and ranked second in the Arab world. According to a recent World Bank report titled “Migration and Development Brief,” the Kingdom's outward remittances reached nearly SR 144 billion ($38.4 billion) last year.

Foreign remittances are funds that immigrants send back to their families or communities in their home countries. This financial flow is crucial for many economies worldwide.

Global Leaders in Remittance Outflows

The United States led the world in sending international remittances, with total outward flows amounting to approximately $85.8 billion in 2023.

The United Arab Emirates followed as the second-largest sender globally and the top sender in the Arab world, with remittances totaling around $38.5 billion.

Kuwait ranked tenth globally and third in the Arab region.

The report highlighted a 13 percent decrease in external remittances from Gulf Cooperation Council (GCC) countries in 2023 compared to 2022. This decline follows a period of growth from 2010 to 2019, after which remittance outflows began to decrease.

Qatar was fourth in the Arab world with around $11.8 billion in remittances, followed by Bahrain with approximately $2.7 billion.

Top Recipients of International Remittances

India topped the list of countries receiving the most international remittances in 2023, with a staggering $119.5 billion. Mexico received $66.2 billion, while China was third with about $49.5 billion.

Regional Insights

The World Bank report also noted a 15 percent drop in remittance flows to the Middle East and North Africa region, totaling $55 billion in 2023. This decline was primarily due to a significant reduction in remittance flows to Egypt.

News Source: The Saudi Gazette

Maryam Pervez

Written by Maryam Pervez

Maryam is the Managing Editor at HiDubai, bringing 8+ years of expertise in marketing, social media, and content development. She holds a Master's degree in Marketing Comms from Middlesex University.
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