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Homelandization is strong; The diaspora has declined, with 2 million foreigners returning in 2 years

DATE: 07-Nov-2019 Reported By: Manorama Online

Remittances in Riyadh, Saudi Arabia, fell by 11% in the first 9 months. From January to September 30, 2012, foreigners were sent a fair amount of Rs 9300 crore. The company had posted a net profit of Rs 10,350 crore for the same period in 2018. 

However, remittances for the month of September increased by 4% over the same period last year. In the first nine months of this year, the Saudis have reportedly sent out over RM42 billion in personal expenses. 

This is a decrease of 9% compared to the same period last year. Due to reforms in the Saudi labor market, over 2 million expatriates have returned in 2 years. This has resulted in a drastic reduction in remittances and cash flows.