Kingdom becomes top remittance contributor to Egypt

Sudhesh Giriyan

Saudi Arabia has emerged as the MENA region’s largest overall remitter of funds to other countries around the world and also the number one transmitter of remittances to Egypt within the region, according to April 2016 World Bank figures.
In 2015, the Kingdom sent $7.57 billion in remittances to Egypt through its one million Egyptian residents.
Egyptians in the Kingdom collectively send more money home than those in Kuwait, the UAE and Jordan combined. Remittances from Saudi Arabia to Egypt help alleviate poverty, create opportunities for education and small businesses, and spur investments in the local economy.
According to other World Bank figures published in December 2015, Saudi Arabia is the world’s second most popular destination for migrants after the United States. The country is also the second largest hub for outward remittances to other countries globally.
“Saudi Arabia hosts a large population of expatriate Arabs, largely Egyptians, as well as other nationalities from around the world. The country has historically been the most influential source of remittances within the MENA region due to a booming economy that generates job opportunities for expats from across the world. We expect remittances from Saudi Arabia to other MENA countries like Egypt, and to destinations in Asia, to continue growing year on year,” says Xpress Money’s COO Sudhesh Giriyan.
Xpress Money has renewed its focus on serving customers in Saudi Arabia. The brand has invested in its strong network to extend easy accessibility to customers.