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Saudi Arabia: Foreign remittances in December hit 4-year high

Foreign remittances

Foreign remittances in Saudi Arabia rose to 7.18 billion riyals ($1.91 billion) in December 2021. This is a the highest level in four years.

According to the Okaz newspaper, foreign remittances jumped by 48.26 percent on an annual basis, compared to 4.85 billion riyals ($1.29 billion) in 2020.

Remittances from foreigners also recorded a decline of 3.75% on a monthly basis, compared to November 2021, when they amounted to 7.95 billion riyals ($2.12 billion).

The remittances amounted to 12.97 billion riyals ($3.45 billion), representing 64.36% of the Kingdom’s total remittances abroad during 2021.

Remittances were affected by the repercussions of the pandemic. They continued a decline that began in 2019, when they were affected by the decline in oil prices.

Remittances from foreigners in 2015 were the largest, at 156.86 billion riyals ($41,780 billion).

Saudi stocks

In a separate context, Saudi stocks ended the year 2021 with a rise of close to 30%. This is the sixth consecutive annual rise and the largest rise since 2007.

During the year-end trading, the Saudi Stock Exchange outperformed the largest global stock exchanges, reaching 11281.7 points on December 30, 2021. This is compared to 8689.5 points at the end of 2020.

The index increased by the end of the year by 16,713 points, representing an increase of 29.8%, driven by the rise in crude prices and the initiatives launched by the Kingdom during the past year to stimulate the private sector through.

According to Al-Eqtisadiah the performance of the Saudi market in 2021 was the best in 14 years, after it rose 39.1% in 2007.

The rises of Saudi stocks during 2021 were among the seven largest in the history of Saudi stocks since its launch in 1985.

The world’s stock exchanges ended the year on a collective rise, driven by investors taking risks, with the repercussions of the epidemic significantly receding.

Saudi stocks were the best performers, followed by American and European stocks.

The TASI index advanced all shares after closing at a rise of 29.8%, followed by the French CAC index (29%), and then the American S&P-500 index (27%).

Saudi stocks rebounded during the last months of 2021, supported by high oil prices.

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