Expat money transfers hit SR102bn in 8 months

Updated 05 October 2014

Expat money transfers hit SR102bn in 8 months

Expatriate remittances from the Kingdom rose by 3.4 percent to SR101.8 billion in the first 8 months of 2014 compared to SR98.67 billion during the same period last year, according to a financial report.
Likewise, Saudi personal remittances to foreign countries rose by 7 percent to SR54.33 billion by the end of August 2014 compared to SR50.82 billion in the same period last year, the report, carried by Al-Eqtisadiah said.
Remittances of foreign workers dropped by 8 percent in August for the second consecutive month to reach SR11.6 billion compared to SR12.7 billion in July (2014). Remittances in July fell by 4 percent compared to figures of June which stood at SR 13.2 billion, the report said.
The number of foreigners in the Kingdom stands at 9.72 million, or 32.4 percent of the Kingdom’s population (67.6 percent of total population). Based on the latest data released by the Department of Statistics and Information in 2013, the per capita remittances by foreigners reached SR 1,197 in August, the report said.
On the other hand, personal remittances by Saudi nationals and foreigners dropped by 7 percent to SR17.7 billion in August compared to SR19 billion in July, the report said.
The volume of remittance in general rose by 2 percent (year-on-year) in August 2014 compared to remittances of the same period last year which stood at SR17.4 billion.
However, Saudi remittances fell by 5 percent in August to reach SR6 billion compared to SR6.3 billion in July (2014, the report said.
In general, foreign workers’ remittances captured 66 percent of the total remittances compared to 34 percent for Saudi nationals. Meanwhile, remittances to cover travel expenses abroad in August reached SR 63 million, of which SR 38 million went to Saudis and the remaining SR 25 million to foreigners.
In July, such kind of remittances (travel expenses abroad) stood at SR107 million, with SR51 and SR56 million being allocated to Saudis and non-Saudis, respectively, the report said.


Sales of grounded Boeing jets lift off at Dubai Airshow

Updated 22 min 55 sec ago

Sales of grounded Boeing jets lift off at Dubai Airshow

  • Saudi Arabian budget airline Flynas confirms deal to buy ten long-range Airbus narrow-body planes

DUBAI: Boeing’s 737 MAX took center stage at the Dubai Airshow on Tuesday as airlines announced plans to order up to 50 of the jets worth $6 billion at list prices despite a global grounding in place since March.

Kazakhstan flag carrier Air Astana said it had signed a letter of intent to order 30 Boeing 737 MAX 8 jets for its Fly Arystana subsidiary.

Air Astana, which operates Airbus and Embraer jets in its main network, said it was confident in Boeing’s ability to resolve problems with the MAX.

Global regulators banned commercial flights of Boeing’s fastest-selling jet in March after two fatal accidents.

Plans for the jet’s return to commercial service have been pushed back to early 2020 as Boeing finalizes software and training revisions that need regulatory approval.

“We are making flying affordable for the people of Kazakhstan,” Air Astana Chief Planning Officer Alma Aliguzhinova said, adding that budget carrier Fly Arystana would start taking the jets in late 2021.

The airline plans to hold 15 aircraft directly and may finance the rest through a lease transaction, she said, adding that Air Astana would not change the composition of its main fleet.

Separately, another airline signed a firm order for 10 Boeing 737 MAX 7 and 10 Boeing MAX 10 jets, a person familiar with the matter said. The airline’s name was not disclosed.

Boeing has used the past two major industry events to try to secure market momentum for the grounded MAX, which is seen as key to the planemaker’s financial health over the coming decade.

A letter of intent between Boeing and British Airways owner IAG for 200 jets, which grabbed the spotlight at the Paris Airshow in June, has yet to be finalized as the European holding company discusses the fleet change with subsidiaries that use Airbus for medium-haul operations.

In other business coinciding with the largest Middle East air show on Tuesday, Saudi budget airline Flynas agreed to buy 10 long-range Airbus A321XLR jets.

The airline’s chief executive had said on Monday that Flynas was in talks to exercise purchasing options for some or all of 40 Airbus A320neo narrow-body jets.. Airbus unveiled a provisional order in Dubai for eight of its small A220 jets from Air Senegal. Britain’s easyJet exercised options for 12 more Airbus A320neo aircraft.

Also coinciding with the show, leasing giant GECAS was expected to confirm an order for 25 Airbus planes, including 12 A330neo jets powered by engines from Rolls-Royce, a competitor to GECAS parent company General Electric.

However, there were no immediate signs that Dubai’s Emirates was ready to finalize a provisional order for 40 Boeing 787 Dreamliners.