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Expat remittances from Saudi Arabia hits $3.4bn: SAMA

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Remittances from expatriates in Saudi Arabia reached $3.4 billion in May, the highest level in nearly two years, according to the Saudi Central Bank. The report also revealed that remittances sent abroad by Saudi nationals increased by 6 percent during the same period. Factors driving the increase include the recovery of the post-pandemic job market, high salaries in the Kingdom, successful government strategies to attract and retain expatriates, low transfer costs, and improvements in financial technology. Saudi Arabia aims to elevate Riyadh into one of the world's top 10 economic hubs by 2030 as part of its Vision 2030 initiative.

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