Inflation in Saudi Arabia likely to decline in coming months arabnews.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from arabnews.com Daily Mail and Mail on Sunday newspapers.
JEDDAH: Expatriate workers in Saudi Arabia sent SR13.28 billion ($3.54 billion) overseas in remittances in April, a year-on-year increase of 36 percent, according to the latest figures from the Saudi Central Bank (SAMA).
The total amounts sent overseas by expats has increased year-on-year each month in 2021, with January up 12 percent, February up 4 percent and March up 15 percent.
Total remittances sent by the Kingdom’s expatriates reached SR50.7 billion in the first four months of 2021, compared to SR43.6 billion in the same period last year, a rise of 16.28 percent.
Expat workers make up three quarters of workers in the Kingdom, with most coming from countries such as Syria, India, Pakistan, Bangladesh, the Philippines, and Sri Lanka.
Archyde
April 29, 2021 by archyde
Sources indicated to “Reuters” that Chinese investors, including CIC and Chinese national oil companies, are in talks to buy a stake in Saudi Aramco, while the company is preparing to sell another part to international investors.
And it was Saudi Crown Prince Mohammed bin SalmanRecently, it was revealed that Saudi Arabia is considering selling 1% of Aramco to a leading global energy company, and that it may sell more shares, some of them to international investors, within a year or two.
It is expected that the value of a stake of 1% will reach about nineteen billion dollars, based on the current market value of “Aramco”.
JEDDAH: The arrival of the Kingdom s first instant payment system (IPS) has been hailed as a major breakthrough by retailers and financial experts.
Saudi Payments’ managing director, Fahd Al-Akeel, said on Sunday that the launch of IPS was the result of several months of “meticulous efforts” with all partners. “Despite the challenges posed by the COVID-19 pandemic, the speed of the instant payment system’s deployment across all the local banks is the fastest of its kind worldwide,” he added.
The system will allow financial institutions, companies, and people to complete transactions instantly across various banks, around the clock.
Mazen Al-Sudairi, head of research at the Riyadh-based financial services company Al-Rajhi Capital, said the move would have two main benefits for retailers and consumers. First, it would help boost consumption and make the monetary supply chain more efficient. “It will reduce the use of cash in the economy,” he added. “The more elect
Saudi Arabia’s stock market is set for another bumper year of stock market listings with several sizeable initial public offerings (IPO) in the pipeline as investors look to allocate a pile of cash. After the then record $29.4 billion listing of oil giant Saudi