RIYADH (AFP) - Expatriate workers in Saudi Arabia have sent home some 14 billion dollars in 2006, ranking the oil-rich kingdom second only to the United States, according to the Arab Monetary Fund (AMF).

Remittances from Saudi Arabia represented more than half of the total transfers made by foreign workers in the oil-rich Gulf Cooperation Council (GCC), the Saudi daily al-Medina reported on Saturday, quoting the AMF.

The GCC bloc, which groups Saudi Arabia with Bahrain, Kuwait, Oman, Qatar and the United Arab Emirates, saw outflows of some 25.7 billion dollars in remittances during 2006, the newspaper said.

Expatriates make up more than a quarter of Saudi Arabia's total population of around 23 million, according to official figures published in September 2004.

Al-Medina said expatriate workers in the United States made the highest amount in transfers at 39 billion dollars. Switzerland came third with around 13 billion dollars, followed by Germany with around 10 billion dollars.

The total amount of remittances sent to Arab countries -- especially Egypt, Lebanon and Morocco -- was around 24 billion dollars in 2006, a rise of 53 percent from 2001, the report

transfers will Increase more and more every year when the workers come from outside saudi arabia & gulf countres!

Its a large figure, and such money reinvested in the economy could do a lot. But you guys should not forget the value that these expats are adding to the Saudi and Gulf economies.

^^yah we know,if not that goverment will not allowed them to come.

I believe the expats in KSA want to invest their money there but perhaps the laws there aren't that friendly!

I believe the expats in KSA want to invest their money there but perhaps the laws there aren't that friendly!

I think that's very true. If the government allowed foreigners to invest in real estate and such, there would be a bigger economic boom. There would be so many awesome real estate projects the Saudi sub-forum would be buzzing with activity. Unfortunately, no such thing is happening. I mean, even if they allowed certain areas to be sold to foreign nationals, like dubai does it would be amazing for the country. They could even set certain standards, like the people have to be professionals or have some special skills. It would definitely keep some of the money from leaving the country and push the economic boom further.

In fact, not only would the current residents invest in real estate, imagine all the people from abroad who would want a house/condo by the corniche in Jeddah with beautiful views...or an apartment/condo in Makkah or Madinah to be able to stay there for a period of time every year and worship (and perhaps rent out at other times). That boggles my mind...I would be all for it even if they had a very strict screening process. :)

I believe the expats in KSA want to invest their money there but perhaps the laws there aren't that friendly!

Salam brother

Now available to open any project of any kind .

http://www.sagia.gov.sa/