The latest data issued by the Saudi Central Bank (SAMA) showed a remarkable growth in the movement of personal financial transfers by foreigners residing in the Kingdom of Saudi Arabia during November 2025. The transfers recorded an annual increase of 5%, reaching a total value of approximately 12.6 billion riyals, compared to their levels in the same month of the previous year, 2024.
Despite this annual growth, the monthly data showed a slight variation, as remittances decreased by 8% compared to October 2025, which is equivalent to a decline of 1.04 billion riyals. This is a typical seasonal behavior in the movement of financial remittances, which is affected by holiday seasons, festivals, and salary payments.
Historic decline in Saudi remittances
Conversely, the statistical bulletin revealed a notable shift in the spending and remittance behavior of Saudi citizens. Remittances from Saudis abroad declined significantly in November, falling by 22% compared to the same period in 2024, settling at SAR 4.8 billion. This figure represents the lowest recorded in 21 months, indicating fundamental changes in domestic consumption patterns.
The economic landscape and the implications of the figures
The increase in expatriate remittances on an annual basis is in line with the massive economic activity that the Kingdom is witnessing, especially in the construction and building sectors and major projects related to the Kingdom’s Vision 2030. These mega-projects, such as NEOM, the Red Sea and Qiddiya, require a diverse workforce, which is reflected positively on the volume of financial flows out as personal remittances, and is a healthy indicator of the movement of the economy and the growth of the private sector.
Looking at the performance since the beginning of the year, remittances from foreigners have maintained a strong upward trajectory, rising by about 19.6% during the first nine months of 2025, recording a total of SAR 125.2 billion (USD 33.39 billion), compared to SAR 104.7 billion in the same period of the previous year.
Boosting local spending
From another perspective, economic analysts believe that the noticeable decline in Saudi remittances abroad reflects the success of government initiatives in enhancing the "quality of life" and localizing leisure and tourism spending. With the development of the domestic tourism, entertainment, restaurant, and retail sectors in the Kingdom, a larger portion of cash is now circulating within the local economy instead of being transferred abroad for tourism or foreign investment, thus strengthening the balance of payments and supporting non-oil GDP.
The data for the third quarter of 2025 also indicates the continuation of this momentum, as the value of expatriate remittances reached approximately 41.55 billion riyals, an increase of 12.3% compared to the same quarter of 2024, which confirms the stability and attractiveness of the Saudi labor market and its ability to generate income for expatriate workers in conjunction with the ongoing economic reforms.
