Thursday, 7 June 2007

Saudi Arabia: Kingdom Second in Remittances

Saturday, 02 June 2007
Saudi Gazette
Saudi Arabia will maintain its position as the second most prolific source of expatriate remittances in the world after the US in 2007, economists said last week. The Arabic press reported that economists expect remittance figures to rise by SR0.5 billion from last year, reaching SR54.375 billion. Economists attributed the rise in remittances by expatriate workers to the increase in government- and private-sector projects, the launching of several economic cities and the flexibility of the Ministry of Labor in allowing an increase in the number of worker visas.
Remittances from the Kingdom to other countries rose by SR750 million in 2006 compared to the year before, with the total figure reaching SR52.5 billion in 2006. [Read more]

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