Foreign remittances of expats have risen to SR383.6 billion since the introduction of the Nitaqat nationalization program in 2011. Abdul Hameed Al-Omari, a member of the Saudi Economic Association, revealed this on Saturday.
This marks a 57.8 percent jump in foreign transfers compared to the previous 10 years, he said. “Expats should not be blamed for these transfers as it is their right.”
He added: “If we want to blame someone for the danger it has posed to the economy, it should be government departments, especially the Labor Ministry and big companies.”
He pointed out: “This indicates the ministry’s program was increasing per capita foreign transfers from SR9,200 per month in 2011 to SR10,437 in 2012 and SR12,330 in 2013.”
Al-Omari said the ministry’s efforts to discourage expats to bring families would increase foreign remittances further and reduce their spending in the Kingdom.
Meanwhile, personal foreign remittances of Saudis and expats reached SR226.6 billion in 2013, the highest in 20 years, a local Arabic business daily reported, saying the amount was 16.5 percent more than the figure of 2012, when it was SR194.5 billion.
The report said foreign remittances of expats rose by 18 percent in 2013 to SR148 billion against SR125.2 billion in 2012. The hike coincides with an increase in Saudi imports, which amounted to SR841 billion in 2013 against SR807 billion in 2012, registering a 4 percent rise.
“Foreign remittances of non-Saudis for travel purposes decreased 74 percent to SR386 million against SR1.5 billion in 2012,” said the report.
Nitaqat ‘fails’ to curb remittances
Nitaqat ‘fails’ to curb remittances
Saudi scientific organization celebrates 2025 Nobel Prize in Chemistry laureate Omar Yaghi
- King Abdulaziz City for Science and Technology honors him with a reception at its headquarters in Riyadh
- Yaghi, the first Saudi recipient of a Nobel Prize, shared the Nobel Prize with 2 other scientists for their pioneering work in molecular chemistry
LONDON: King Abdulaziz City for Science and Technology in Riyadh honored Omar Yaghi, the Saudi scientist and recipient of the 2025 Nobel Prize in Chemistry, with a reception at its headquarters in Riyadh on Thursday.
Yaghi is the first Saudi scientist awarded a Nobel Prize. He received it in December, alongside two other scientists, for their pioneering work in the field of molecular chemistry, and for contributions to energy, the environment and advanced materials.
He is also supervisor of the Center of Excellence for Nanomaterials for Clean Energy Applications, a collaboration between KACST and the University of California, Berkeley.
Munir Eldesouki, the president of KACST, said that the Kingdom is keen to recognize its scientific talents, in keeping with Saudi Vision 2030 and its goals relating to the fostering of scientific research.
Yaghi said he appreciated the support he had received from Saudi leaders during his career, and praised them for creating an enabling environment in which scientists are able to pursue world-class research, development and innovation.
Investment in national talent has created a research ecosystem that positions Saudi Arabia among the leading scientific nations, he added.
Thursday’s event, attended by the organization’s staff and students, also honored the winning teams from the recent “GenAI for Materials Discovery Hackathon,” which KACST organized in partnership with the University of California, Berkeley, and Academy 32, a nonprofit Saudi organization dedicated to research, development and innovation.
The celebration concluded with an interactive discussion session during which Yaghi talked with students and researchers, reflected on key milestones in his scientific journey, and shared insights into the factors that helped shape his career, the Saudi Press Agency reported.
