Expat remittances in Saudi Arabia fall to 15-month low in February

Expatriate remittances from Saudi Arabia declined to their lowest level in 15 months in February 2026, reflecting shifting economic dynamics in the Kingdom, according to the latest data released by the Saudi Central Bank.

Figures from SAMA showed that foreign remittances totaled SR12.55 billion ($3.33 billion) in February, marking a two percent decline compared to the same period in 2025. The drop underscores evolving labour market trends and broader economic adjustments as the Kingdom continues to advance its economic diversification agenda.

On a monthly basis, remittances fell by approximately SR768 million, or six percent, from January 2026. In dollar terms, this represents a decline of around $204.8 million, highlighting a slowdown in outward money transfers by expatriates.

The data also revealed a sharp contraction in remittances sent by Saudi nationals abroad. Transfers by Saudis dropped by 22 percent year-on-year in February, reaching SR4.86 billion, signalling reduced outbound financial flows.

The decline can be attributed to a combination of factors, including workforce nationalisation initiatives, evolving employment patterns, and broader global economic conditions. Rising living costs and shifting labour dynamics may also be influencing expatriates’ ability to send money home.

The trend aligns with the Kingdom’s Vision 2030 reforms, which aim to boost national employment and reduce reliance on foreign labour. As these initiatives progress, remittance flows are expected to remain a key barometer of labour market activity and economic transformation.

"Domestically, Saudi Arabia’s economic development initiatives have supported the expansion of non-oil activities, with real GDP growing by 4.3% year-on-year in Q3 2025, according to official estimates.

Meanwhile, the average Consumer Price Index (CPI) rose by 2.2% during the same period, driven primarily by increases in insurance, financial services, and housing, water, electricity, gas, and other fuels. 

In the labour market, the unemployment rate among Saudi nationals declined to 7.5% in Q3 2025, reflecting ongoing progress under the Kingdom’s Vision 2030 reforms," the report noted. 

Adding, "The total unemployment rate in Saudi Arabia stood at 3.4% in Q3 2025, declining by 0.3 percentage point year-on-year but rising by 0.2 percentage point quarter-on-quarter. 

The unemployment rate among Saudi nationals reached 7.5%, marking a year-on-year decrease of 0.3 percentage point. 

This improvement was driven by a 1.5 percentage point decline in the female unemployment rate to 12.1%. Meanwhile, the male unemployment rate increased by 0.4 percentage point year-on-year to 5.0%."

From a macroeconomic perspective, lower remittance outflows could support domestic liquidity and consumption, reinforcing economic stability within the Kingdom. However, the decline may also have ripple effects on remittance-dependent economies across Asia and Africa.

Overall, the latest figures highlight Saudi Arabia’s ongoing economic recalibration, with remittance patterns serving as a critical indicator of expatriate employment trends and the broader trajectory of the nation’s growth.