AMMAN, JORDAN – Rising remittances from the Kingdom’s citizens working abroad has contributed to increasing demand for Jordanian dinar. Exchange companies in the Kingdom are experiencing a significant surge in demand for the Jordanian dinar, surpassing interest in other foreign currencies, the Petra news agency said. Speaking to Petra, Firas...
ADIB unveils new payment hub
It will help customers to seamlessly process transfers.
Are neobanks challenging traditional players in UAE?
While the digital revolution continues to unfold, the core of customer trust and regulatory frameworks stays unshaken, shaping the future of banking in the region, says a report.
Expat remittances in Saudi Arabia fall to $2.6bn in September
RIYADH, SAUDI ARABIA - Remittances by expatriates in Saudi Arabia dropped 13 percent year-on-year (YoY) to US$2.6 billion (SAR 9.9 billion) in September, according to recent data released by the Saudi Central Bank (SAMA). On a month-on-month (MoM) basis, expat remittances in the Kingdom declined 8 percent, or US$229 million...
AMF, State Bank of Pakistan to enhance cross-border payments
Abu Dhabi, UAE -- The Arab Monetary Fund (AMF) and the State Bank of Pakistan (SBP) have signed an MoU to enhance cross-border payments. The partnership aims to create a framework for cooperation between Buna, the cross-border payment system operated by the Arab Regional Payments Clearing and Settlement Organization (ARPCSO),...May expat remittances in Saudi Arabia marginally down: SAMA
Dubai, UAE -- Remittances from expatriates in Saudi Arabia saw a slight decline year-on-year (YoY) to SAR 11.3 billion ($3.01 billion) in May, according to recent data released by the Saudi Central Bank (SAMA). On a month-on-month (MoM) basis, remittances from expats in Saudi Arabia increased 14 percent, or SAR...
Remittance flows to Egypt to surge by 3.1% in 2023: World Bank
Cairo, Egypt - The remittances to Egypt, the biggest recipient of such flows in the MENA region, are set to increase by 3.1 percent in 2023 followed by a decline of 1.4 percent in 2024, according to World Bank’s latest report. Remittances to the country decreased by 10 percent year...
Remittances to MENA may rise by 1.7% after drop in 2022: World Bank
Dubai, UAE -- Remittance flows to the Middle East and North Africa (MENA) are expected to increase marginally in 2023 and 2024 after witnessing a nearly 4 percent drop in 2022 to $64 billion, a World Bank report said. The remittances are likely to increase by 1.7 percent in 2023...Al Ansari to sell 7.5m shares in Dubai’s first IPO for 2023
Dubai, UAE -- Al Ansari Financial Services, a remittance and foreign exchange services provider in the UAE, will be offering 7.5 million shares (each valued AED0.01) in its IPO, which will be Dubai's first in 2023. The company said in a statement that the offering represents 10 percent of its...Egypt ranks globally fifth in remittances
Although the remittances grew by an estimated 5 percent in 2022, they were lower than the 10.2 percent increase in 2021.
Gulf retail sector turns to metaverse as consumers seek complete and immersive experience of products
Agile brands, especially luxury ones with sizeable marketing budgets, have readily tapped into the metaverse, creating exclusive NFTs and new revenue streams, says an expert.
Jordanian expats in Qatar sent home $440m in 2022
According to data recently released by the CBJ, Jordanian expatriates' remittances in the first ten months of 2022 increased by 0.6 percent.Remittances from expatriates in Saudi fell 13 percent in Aug
Riyadh, Saudi Arabia - Remittances from expatriates in Saudi Arabia saw a 13 percent year-on-year (YoY) decline to SAR 11.92 billion ($3.15bn) in August, according to recent data released by the Saudi Central Bank (SAMA). On a month-on-month (MoM) basis, remittances from expats in Saudi Arabia rose 3 percent %,...
Egypt remittances drop 14.7% to US$2.38 billion in July
The drop comes as the exchange rate of the Egyptian pound is seeing a decline in light of the pressures the country is experiencing due to the Ukrainian war repercussions and the decline in foreign reserves at the Central Bank.Expat remittances from Saudi rise 5 percent to $3.91 bn in March
Personal remittances of expatriates in Saudi Arabia jumped 5 percent year-on-year (YoY) to SR14.7 billion ($3.91 billion) in March. Saudi Gazette, citing data released by the Saudi Central Bank (SAMA), said that compared to the previous month, remittances from expatriates in Saudi Arabia jumped 31 percent, or SR3.5 billion. The...Remittances: Ukraine flows may rise by 8 percent, Central Asian countries hit
Remittances to Ukraine, which were around 12 percent of its GDP and nearly three times the size of foreign direct investment in 2021, will increase by 8 percent in 2022 despite the ongoing conflict, according to a report by Global Knowledge Partnership on Migration and Development (KNOMAD). The remittance flows...Expatriate remittances to Morocco exceeded $9.32bn till Nov 2021
Expenses stood at 9.8 billion dirhams at the end of November 2021, against 9.58 billion dirhams a year earlier and 19.26 billion dirhams during the first eleven months of 2019.
Most of $3.8bn remittances to the Philippines in July came from Middle East
Filipinos living overseas have sent back some $3.8 billion in July with most of the remittances coming from the Middle East.How will new remittance rules affect Lebanon?
The new rule authorizes banks to buy dollars from fresh dollar accounts without a customer's permission.
Egypt’s foreign-currency reserves shot up to $40.3bn in May
The rise has been due to remittances sent by Egyptians working abroad According to the Ministry of Planning, the reserves cover eight months of Egypt’s imports Egypt’s foreign reserves shot up to $40.3 billion at the end of May, a jump of $125 million from the month of April. The...Expats in Saudi Arabia remit $3.54 billion in April
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
