For the first time, Saudi Arabia is extending a new savings and pension programme to expatriate workers.
According to a report by the International Monetary Fund’s (IMF) latest Article IV consultation report, cited by Al Eqtisadiah, the new programme will allow expatriate workers to save and invest locally instead of sending most of their money abroad.
Expatriate workers in Saudi Arabia sent home SR144.2 billion (BD 14.4 billion) last year alone.
The new programme, known as the Public Pension and Savings Programme, is designed to boost household savings while also reducing the outflow of remittances abroad.
Saudi Arabia already has a social insurance system, which as of the first quarter of 2025 had 12.8 million subscribers, of which nearly 77% are expatriates.
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