New Study Analyzes the Future Outlook of the Saudi Arabia Remittance Market Through 2027

RIYADH, Saudi Arabia - Jan. 3, 2023 - PRLog -- 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.

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%.
• Growing Digitization: During the crisis, Saudi Arabia took steps to make remittance services available with limited access.
• Artificial Intelligence: Artificial Intelligence has come a long way in providing end to end remittance solutions with embedded decision making.
• 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.

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