Personal remittances from Saudi Arabia expats increased by 2.79% in 2021, amounting to roughly SR 4.18 billion.
Mumbai, India, June 29, 2022 (GLOBE NEWSWIRE) -- Makreo Research has published a study on Saudi Arabia Remittance market report titled, “Saudi Arabia Remittance Market Future Outlook to 2027” is a detailed study that offers the reader to understand the market with the study of economy, remittance flow, migrant population and also government initiatives. The study highlights several macro-economy factors and industry factors that have an influence over the remittance market in the country. The report discusses market revenue and forecast and also helps to understand future expected driving forces.
Saudi Arabia is home more than 10 million immigrants making it the second-largest country for outbound flows. The UAE's outbound remittances fell by 3.9% to USD 43 billion in 2020, whereas Saudi Arabia's outflows increased by 11% to USD 35 billion, underscoring the one-off effects of illness outbreaks in important recipient nations like Egypt and Pakistan.
Remittances to the Middle East and the Saudi Arabian region have increased as a result of the recovery of host nations in the European Union, most notably France and Spain, as well as an increase in global oil prices that has benefited the GCC countries. Remittances are expected to expand more slowly in 2022 because to COVID-19's uncertainties and the considerable rise in payments made to Egypt and Morocco.
Impact of COVID-19
Lower revenues from crude oil exports, additional income losses, and production losses brought on by COVID-19 and related mitigating actions all had an impact on the Saudi economy. Late March 2020 saw the start of a nationwide lockdown in Saudi Arabia; it lasted until late June 2020, when some restrictions on movement and employment were lifted.
Additionally, the economy was negatively impacted by the decline in crude oil exports, which led to less spending, credit, and consumption as well as decreased income and job opportunities for foreign workers in Saudi Arabia who are employed or looking for work.
Further Key Findings
Emerging Blockchain: The global average cost of sending USD 200 is 6.9% of the remittance limiting their full potential. Sustainable Development Goals (SDG) to reduce the cost of remittances to less than 3% and to eliminate the remittance corridors with cost higher than 5%. One of the ways through which the cost can be reduced is the adoption of blockchain technology.
Growing Digitization: During the crisis, Saudi Arabia took steps to make remittance services available with limited access. During this time, the use of digital channels grew as well. Consumers now have much easier access to remittance services owing to measures to enable remote account opening.
Artificial Intelligence: Artificial Intelligence has come a long way in providing end to end remittance solutions with embedded decision making. AI has the ability to provide continuous insights on data is connected to the enterprise resource planning platforms and also has the capability to automate low mundane tasks.
Tax Reform Program: According to the Global Partnership for Financial Inclusion (GPFI) National Remittance Plan of KSA 2017, the government had decided not to levy taxes on migrant remittance transfers.
The study discusses below mentioned areas in detail:
COVID-19 Impact Assessment
COVID-19 has impacted many businesses and also helped some of the businesses to benefit. Remittance market is one of the benefitting sector after the COVID-19 outburst that has shifted consumer perception. The report helps to reader to understand the shifts happening in the remittance sector and inflow & outflow and simultaneously its impact over remittance flow.
The report examines the Saudi Remittance market in terms of various parameters such as the inflow of remittance into the country, increasing number of migrant population, remittance industry trends and drivers and many others. The report examines market of remittance by expatriates, number of registered foreign workers, and past, present and future flow of remittances.
AL Rajhi, Bank Aijazira, Arab National Bank, Bank Albilad, Saudi National Bank,
Key Questions Answered
How remittance industry has performed in the past and what is the expected future scenario?
How COVID-19 has impacted the Saudi economy and how economy is expected to recover in coming years?
How Saudi Arabia remittance industry is placed in Middle East?
What are the leading countries for remittance outflow?
What is the current state of Saudi Arabia Inbound Remittances?
What are the key initiatives taken by the Saudi Government?
What is the role of digital remittances in the Saudi Arabia remittances market?
What are the key economy factors contributing towards Saudi Arabia remittance industry growth?
What are the major opportunities and challenges present in the Saudi Arabia remittances market?
Who are the key players in the Saudi Arabia remittance industry?
About Makreo Research and Consulting
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Makreo Research and Consulting is one of the best market research company in India that is known for its unique approach in conducting research study. Recently Makreo Research has published a research study on Saudi Arabia Remittance Market Future Outlook to 2027 that helps to identify the challenges present in the market and future opportunities to grab. To review the coverage, please click here https://www.makreo.com/report/saudi-arabia-remittance-market-future-outlook-to-2027
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