Riyadh, Aug. 23 -- The Kingdom of Saudi Arabia (KSA) is preparing to introduce a new voluntary pension and savings scheme that will be available to both citizens and expatriates.

The initiative, reported in the International Monetary Fund's (IMF) latest Article IV consultation and cited by Al-Eqtisadiah newspaper, aims to encourage households to save more and reduce the flow of money sent abroad by foreign workers.

In 2024, remittances from Saudi Arabia rose 14 percent to Saudi Riyals (SR) 144.2 billion. Over the past decade, they reached SR 1.43 trillion.

By the first quarter of 2025, the Kingdom's social insurance system had 12.8 million subscribers, with expatriates making up nearly 10 million, or 77 percent.

The IMF noted that pen...