‎Saudi Arabia ranks 3rd by remittance outflows in 2023: WB

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Saudi Arabia came in the third place globally and in the second place among Arab countries in terms of countries sending international remittances. Total outward remittances amounted to nearly $38.4 billion, or about SAR 144 billion, during 2023.

According to a recent report by the World Bank (WB) titled “Migration and Development Brief,” the US topped the list of countries sending international remittances, with total outflows of about $85.8 billion last year.

The UAE ranked second globally and first among Arab peers, with total remittances of about $38.5 billion, while Kuwait ranked tenth globally and third among Arab countries, as illustrated in the following table:

Top 10 Countries by Remittance Outflows in 2023

Rank

Country

Value ($ bln)

1

US

85.8

2

UAE

38.5

3

Saudi Arabia

38.4

4

Switzerland

35.7

5

Germany

24.1

6

China

20.2

7

Luxembourg

18.0

8

The Netherlands

16.7

9

France

15.9

10

Kuwait

12.7

Outward remittances from GCC countries decreased by 13% in 2023 compared to 2022, after showing an upward trend from 2010 to 2019, with some fluctuations, and then starting to decline after 2019.

Qatar took the fourth spot among Arab countries, following Kuwait, Saudi Arabia, and the UAE, with about $11.8 billion in remittances, followed by Bahrain with around $2.7 billion.

According to the WB, India topped the list of countries receiving the most international remittances in 2023, with a value of $119.5 billion, followed by Mexico with $66.2 billion, and then China with about $49.5 billion.

The WB report also revealed that remittance inflows to the Middle East and North Africa region decreased by 15% to reach $55 billion in 2023, primarily due to a sharp decline in flows to Egypt.

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