Kingdom becomes top remittance contributor to Egypt

Sudhesh Giriyan
Updated 12 June 2016
0

Kingdom becomes top remittance contributor to Egypt

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, the Kingdom sent $7.57 billion in remittances to Egypt through its one million Egyptian residents.
Egyptians in the Kingdom collectively send more money home than those in Kuwait, the UAE and Jordan combined. Remittances from Saudi Arabia to Egypt 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,” says 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.


LuLu opens Saudi Arabia’s largest store in Riyadh

Updated 21 July 2018
0

LuLu opens Saudi Arabia’s largest store in Riyadh

JEDDAH: LuLu Group recently opened its 150th hypermarket in Riyadh. It was inaugurated by Ibrahim Al-Omer, governor of Saudi General Investment Authority (SAGIA); Ibrahim Al-Suwail, deputy governor of SAGIA; along with Sheikh Shakhbout bin Nahyan Al-Nahyan, UAE ambassador to Saudi Arabia; Yusuff Ali M.A., LuLu Group chairman; Shehim Mohammed, LuLu Saudi director; and other dignitaries and royal family members.
Located at the newly launched Atyaf Mall in Yarmouk, the hypermarket, the 13th in the country and the Kingdom’s largest, is spread across 220,000-square-feet.
Yusuff Ali M.A. said: “We are absolutely delighted to open our group’s 150th and Saudi Arabia’s 13 hypermarket in Riyadh and I am sure the shoppers here will be pleased by the new retail experience we have created. Through our internationally sourced quality products and enthusiastic staff, LuLu has been the most preferred destination for different nationalities and we will continue to preserve this identity with our new store.”
He added: “We see tremendous growth opportunities in the Kingdom and are glad to be part of the Vision 2030 by further expanding our presence here. We will open another 15 hypermarkets by 2020 at an investment of SR1 billion ($266 million) out of which five will be opened this year itself. This includes three hypermarkets in Riyadh followed by one each in Tabuk and Dammam. This is apart from the SR1 billion we have already invested in the Kingdom till now.”
The group currently employs more than 3,000 Saudi nationals, out of which 1,400 are women, amounting to 40 percent of Saudization.
“Our goal is to give employment to 6,000 Saudi nationals by the end of 2020. We have a very elaborate and effective multi-level training program, through which we not only train them here but also send the local recruits to other regions in the GCC and India for training in various departments. We have also tied up with Saudi vocational institutions and universities in this regard,” the LuLu Group chairman said.