Saudi Arabia top contributor as Pakistan worker remittances grow 29% year-on-year

A man walks past a currency exchange shop in Rawalpindi on June 12, 2024. AFP/File
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Updated 09 October 2024
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Saudi Arabia top contributor as Pakistan worker remittances grow 29% year-on-year

  • Highest inflow of $681.3 million was recorded from Saudi Arabia, followed by UAE, UK, US
  • Remittances bring billions of dollars annually from overseas Pakistanis and are vital to economy

KARACHI: Pakistan recorded year-on-year growth of 29 percent in workers’ remittances with inflows of $2.8 billion in September, the central bank said on Wednesday, with the highest contributions from Saudi Arabia and the UAE.

Remittances bring billions of dollars annually from overseas Pakistanis and are vital to the country’s struggling economy. These inflows bolster foreign exchange reserves, stabilize the balance of payments, and support the Pakistani currency. 

“Remittances inflows during September 2024 were mainly sourced from Saudi Arabia ($681.3 million), United Arab Emirates ($560.3 million), United Kingdom ($423.6 million) and United States of America ($274.9 million),” the central bank said.

In the first quarter of the current fiscal year, Pakistan received $8.8 billion in remittances, representing a significant growth of 38.8 percent compared to the same quarter last year, central bank data showed. 

The State Bank of Pakistan on Tuesday announced a three-time increase in monetary incentives for exchange companies to bring more remittances into the country. 

The bank increased incentives to Rs4 per US dollar for exchange companies on home remittances effective Oct. 1.

According to the circular, ECs will be paid on a fixed component with a base rate of Rs2 for each US dollar of home remittances surrendered to SBP-designated banks.

On the variable component, ECs will be paid Rs3 for each incremental US dollar surrendered to encourage growth in home remittances up to 5 percent or $25 million – whichever is lower – than the previous year.

Further, Rs4 per US dollar will be paid against incremental remittances above 5 percent or over $25m, compared to the previous year.


Saudi Arabia’s cultural sector is a new economic engine between Riyadh and Paris, says ambassador

Updated 25 January 2026
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Saudi Arabia’s cultural sector is a new economic engine between Riyadh and Paris, says ambassador

RIYADH: Culture has become a fundamental pillar in bilateral relations between France and Saudi Arabia, according to the French Ambassador to the Kingdom, Patrick Maisonnave.

Maisonnave noted its connection to the entertainment and tourism sectors, which makes it a new engine for economic cooperation between Riyadh and Paris.

He told Al-Eqtisadiah during the opening ceremony of La Fabrique in the Jax district of Diriyah that cultural cooperation with Saudi Arabia is an important element for its attractiveness in the coming decades.

La Fabrique is a space dedicated to artistic creativity and cultural exchange, launched as part of a partnership between the Riyadh Art program and the French Institute in Riyadh. 

Running from Jan. 22 until Feb 14, the initiative will provide an open workspace that allows artists to develop and work on their ideas within a collaborative framework.

Launching La Fabrique as a space dedicated to artistic creativity

The ambassador highlighted that the transformation journey in the Kingdom under Vision 2030 has contributed to the emergence of a new generation of young artists and creators, alongside a growing desire in Saudi society to connect with culture and to embrace what is happening globally. 

He affirmed that the relationship between the two countries is “profound, even cultural par excellence,” with interest from the Saudi side in French culture, matched by increasing interest from the French public and cultural institutions unfolding in the Kingdom.

Latest estimates indicate that the culture-based economy represents about 2.3 percent of France’s gross domestic product, equivalent to more than 90 billion euros ($106.4 billion) in annual revenues, according to government data. The sector directly employs more than 600,000 people, making it one of the largest job-creating sectors in the fields of creativity, publishing, cinema, and visual arts.

Saudi Arabia benefiting from French experience in the cultural field

Maisonnave explained that France possesses established cultural institutions, while Saudi Arabia is building a strong cultural sector, which opens the door for cooperation opportunities.

This comes as an extension of the signing of 10 major cultural agreements a year ago between French and Saudi institutions, aiming to enhance cooperation and transfer French expertise and knowledge to contribute to the development of the cultural system in the Kingdom.

He added that experiences like La Fabrique provide an opportunity to meet the new generation of Saudi creators, who have expressed interest in connecting with French institutions and artists in Paris and France.

La Fabrique encompasses a space for multiple contemporary artistic practices, including performance arts, digital and interactive arts, photography, music, and cinema, while providing the public with an opportunity to witness the stages of producing artistic works and interact with the creative process.