The Kingdom of Saudi Arabia has emerged as the MENA region's largest overall remitter of funds to other countries around the world, and also the number one transmitter of remittances to Egypt within the region, according to April 2016 World Bank figures. In 2015, KSA sent $7.57 billion in remittances to Egypt through the 1 million expatriate Egyptians living in the country. Egyptians in KSA collectively send more money home than those in Kuwait, UAE and Jordan combined. Remittances from Saudi Arabia to Egpyt help alleviate poverty, create opportunities for education and small businesses, and spur investments in the local economy. According to other World Bank figures published in December 2015, Saudi Arabia is the world's second most popular destination for migrants after the United States. The country is also the second largest hub for outward remittances to other countries globally. "Saudi Arabia hosts a large population of expatriate Arabs, largely Egyptians, as well as other nationalities from around the world. The country has historically been the most influential source of remittances within the MENA region due to a booming economy that generates job opportunities for expats from across the world. We expect remittances from Saudi Arabia to other MENA countries like Egypt, and to destinations in Asia, to continue growing year on year," said Xpress Money's COO Sudhesh Giriyan. Xpress Money has renewed its focus on serving customers in Saudi Arabia. The brand has invested in its strong network to extend easy accessibility to customers. "Customers can easily send money from any of our 250 locations across Saudi Arabia. They also benefit from some of the market's lowest fees, starting at SR25, and competitive exchange rates," he added. — SG
