Okaz/Saudi Gazette

RIYADH — Saudi Arabia ranked third globally and second in the Arab world in terms of countries sending international remittances during the year 2023. Total outward remittances amounted to nearly SR 144 billion ($38.4 billion) during the last year.

Foreign remittance is the money that immigrants send directly to their families or communities in their country of origin in the world.

According to a recent report by the World Bank titled “Migration and Development Brief,” the United States of America topped among the world countries sending international remittances, with total external remittance flows reaching about $85.8 billion during the year 2023.

The United Arab Emirates came in second place globally and first in the Arab world, with total remittances amounting to about $38.5 billion, while Kuwait ranked tenth globally and third in the Arab world.

According to the report, external remittances from the Gulf Cooperation Council (GCC) countries recorded a decrease of 13 percent during the year 2023 compared to the year 2022, after showing an upward trend during the period from 2010 to 2019, with some fluctuations, and then began to decline after 2019.

Qatar ranked fourth in the Arab world after c Saudi Arabia, and the UAE with about $11.8 billion, followed by Bahrain with about $2.7 billion. According to the World Bank report, 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 World Bank revealed in its report that remittance flows to the Middle East and North Africa region posted a drop of 15 percent to reach $55 billion in 2023, primarily due to the sharp decline witnessed in flows to Egypt.