REVIEW: Circlys - saving platform

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Updated 03 July 2022

REVIEW: Circlys - saving platform

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  • Eligible members must have accounts documented through the national information center “Nafath,” have a fixed income and a Saudi bank account

Many people when they have a certain income worry about having a proper amount of savings in their bank accounts.

Saving is known to be one of the best steps toward a healthy financial status and there are many ways to go about it.

One example is Circlys, an official Saudi closed joint-stock company, headquartered in Riyadh and specializing in financial technology.

It is a certified cooperative saving application provided for customers in Saudi Arabia under the supervision of the Saudi Central Bank, the Ministry of Commerce and the Ministry of Investment.

Eligible members must have accounts documented through the national information center “Nafath,” have a fixed income and a Saudi bank account. Every subscriber must sign a claim in case of defaulting and to guarantee their rights.

Circlys offers different saving opportunities throughout the year with durations varying between six and 12 months. Monthly shares start at SR500. Subscribers can choose the month they would like to receive the sum they register to get, and payments from each subscriber are deducted based on their salary period. Amounts will be received within three days after the salary receiving date.

The idea of the saving platform is inspired by a common saving concept in the Arab region called “Jamea’a,” where a group of three or more individuals agrees on saving the same amount of money in turns, provided that each individual pays the agreed-upon amount in the specified time. It is not permissible to breach the deadline or evade payment.

With a 4.7 rating by users, the savings platform has more than 180,000 beneficiaries and 10,000 saving circles. The phone app is available in English and Arabic on Android and iOS. For more information, visit circlys.com


Dubai sees air travel surge, expects World Cup boost

Dubai sees air travel surge, expects World Cup boost
Updated 14 sec ago

Dubai sees air travel surge, expects World Cup boost

Dubai sees air travel surge, expects World Cup boost
  • The airport handled 160 percent more traffic over the past six months compared to the same period last year

DUBAI: Dubai International Airport saw a surge in passengers over the first half of 2022 as pandemic restrictions eased and the upcoming FIFA World Cup in Qatar will further boost traffic to the city-state’s second airfield, its chief executive said Wednesday.

Paul Griffiths, who oversees the world’s busiest airport for international travel, told The Associated Press that the airport handled 160 percent more traffic over the past six months compared to the same period last year, part of an air travel rebound around the world.

The nearly 28 million people who traveled through the airport over the past six months represent some 70 percent of the airport’s pre-pandemic levels, even as Dubai’s key source market of China remains closed due to severe pandemic restrictions. Griffiths said he expects the airport’s traffic to return to pre-pandemic levels by the end of next year.

“It’s a very, very welcome surge of traffic,” Griffiths said.

The first World Cup in the Middle East, he added, will send foreign soccer fans flocking to Al-Maktoum International Airport at Dubai World Central, or DWC. From there, they will travel daily to Qatar, a tiny neighbor that faces a hotel squeeze.

“We’ve actually seen a huge demand at DWC for slot filings for airlines wanting to operate a shuttle service,” he said. “I think the city has a lot to offer and a lot to gain from the World Cup.”

Among the airlines buying extra slots to shuttle soccer fans to the tournament from DWC are Qatar Airways, low-cost carrier FlyDubai and budget airline Wizz Air Abu Dhabi, he said.

During the first half of 2022, Dubai International Airport dealt with nearly 56 percent more flights than the same period in 2021, when contagious coronavirus variants clobbered the industry.

Now, in a sign of the health of the industry, Emirates said on Wednesday that it would pour billions of dollars into retrofitting much of its Airbus A380 and Boeing 777 fleet. At the height of the pandemic, the airline received a $4 billion government bailout.


Russian consumer prices dip for 6th straight week

Russian consumer prices dip for 6th straight week
Updated 17 August 2022

Russian consumer prices dip for 6th straight week

Russian consumer prices dip for 6th straight week

MOSCOW: Consumer prices in Russia declined for the sixth week running, data showed on Wednesday, as the rubles appreciation in the past few months and a drop in consumer demand weighed on the pace of price growth.

The consumer prices index dipped 0.13 percent in the week to Aug. 15 after easing 0.08 percent a week earlier, the federal statistics service Rosstat said.

Inflation remains high but is slowing after prices of nearly everything, from vegetables and sugar to clothes and smartphones, have jumped sharply since Feb. 24 when Russia sent tens of thousands of troops into Ukraine.

The CPI extended its decline even after the central bank slashed its key rate by 150 basis points to 8 percent last month and indicated it was ready to consider further monetary easing to limit the depth of economic recession.

A separate set of Rosstat’s data showed on Wednesday that the producer price index, the gauge of prices that suppliers are charging their clients, fell sharply in annual terms to 6.1 percent in July from 11.3 percent in June, well below levels above 30 percent seen in April.

High inflation has been the key concern among households for several years as it dents living standards, something that this year will be aggravated by recession in the economy.

Russia’s economy will contract less than expected and inflation will not be as high as projected three months ago, the Economy Ministry forecasts seen by Reuters showed, suggesting the economy is dealing with sanctions better than initially feared.

So far this year, consumer prices have risen 10.72 percent compared with a 4.69 percent increase in the same period of 2021, Rosstat data showed. 


Emirates steps up plans for ‘biggest-ever’ fleet retrofit

Emirates steps up plans for ‘biggest-ever’ fleet retrofit
Updated 17 August 2022

Emirates steps up plans for ‘biggest-ever’ fleet retrofit

Emirates steps up plans for ‘biggest-ever’ fleet retrofit
  • Multibillion-dollar project will aim to refurbish four aircraft per month over next two years

DUBAI: Emirates has moved forward with plans to revamp the interior cabins of 120 Airbus A380 and Boeing 777 aircraft, two of the largest commercial aircraft types in service today.

The multibillion-dollar project will begin in November and will be managed entirely by Emirates Engineering, which aims to totally refurbish four aircraft each month over the next two years.

On completion in April 2025, almost 4,000 new premium economy seats will be installed, 728 first-class suites refurbished and over 5,000 business-class seats  upgraded to a new style and design.

Carpets and stairs will also be upgraded, and cabin interior panels will be given new tones and design motifs, including the ghaf trees native to the UAE.

Emirates said that no other airline has attempted an in-house retrofit of this magnitude. 

Engineering teams have carried out extensive planning and testing to streamline processes, and anticipate any potential roadblocks. 

Trials began on an A380 in July, with engineers disassembling each cabin piece by piece and logging every step.

“From removing seats and paneling to bolts and screws, every action was tested, timed and mapped out,” the airline said on Wednesday.

A cross-disciplinary team has been assembled to monitor the planning process until the start of the project in November.

 


Saudi Arabia’s jewelry sector tops economic activities, with 36% jump in sales in Q2

Saudi Arabia’s jewelry sector tops economic activities, with 36% jump in sales in Q2
Updated 17 August 2022

Saudi Arabia’s jewelry sector tops economic activities, with 36% jump in sales in Q2

Saudi Arabia’s jewelry sector tops economic activities, with 36% jump in sales in Q2

RIYADH: Sales in Saudi Arabia’s gold and jewelry sector witnessed a jump of 36 percent, as the economy continues to recover from the pandemic-induced recession, Al-Watan reported.
Consumer spending in the Kingdom also rebounded in the second quarter exceeding SR124 billion ($33 billion) with an annual growth rate of 7 percent, the report added.
Citing recent data issued by the Jazan Chamber of Commerce, the report said the gold and jewelry sector was followed by clothing and footwear, which grew by 24 percent.


KSA’s drive to localize livestock sector successfully underway: Top official

KSA’s drive to localize livestock sector successfully underway: Top official
Updated 17 August 2022

KSA’s drive to localize livestock sector successfully underway: Top official

KSA’s drive to localize livestock sector successfully underway: Top official

RIYADH: The success rate of Saudi Arabia’s Ministry of Environment, Water and Agriculture localization initiatives has exceeded 50 percent, a top official told Al-Ekhbariya. 

The ministry’s director of localization initiatives, Mosa Al-Kinani, said work is underway to localize professions of beekeeping, fishing, and livestock breeders.

The ministry’s strategy is yielding results as more Saudis are joining the above-mentioned professions.

Kinani said his ministry is working with the Ministry of Human Resources and Social Development to develop appropriate plans to boost the success of the localization drive.