Latest news with #expatriates
Arab News
3 days ago
- Business
- Arab News
Expat remittances in Saudi Arabia jump 21% in May to over $4bn
RIYADH: Expatriate remittances from Saudi Arabia rose to SR15.2 billion ($4.05 billion) in May, marking a 21 percent increase compared to the same month last year. According to data by the Saudi Central Bank, also known as SAMA, transfers by non-Saudis reached nearly SR70 billion during the first five months of 2024, an annual rise of almost 26 percent. Money sent abroad by Saudi citizens reached SR29.8 billion, up 13 percent year on year, the central bank's monthly bulletin showed. The significant uptick in outbound transfers reflects several economic and social factors shaping the Kingdom's labor market and remittance behavior. Among these are the rising number of foreign workers, improving wages, and growing reliance on digital payment solutions that facilitate cross-border transfers more efficiently. Saudi Arabia is home to more than 16.41 million non-Saudis as of May, who make up over 44 percent of the population, according to data by Global Media Insight. As the Kingdom continues to develop under Vision 2030, many expats are taking on higher-paying jobs in health care, construction, logistics, and technology sectors. Improved career opportunities have led to increased disposable income, part of which is regularly sent back to support families in their countries of origin. In the Expat Insider 2024 survey conducted by international expat network InterNations, 75 percent of expatriates in the Kingdom said their career prospects had improved significantly since relocating to Saudi Arabia. This placed the country second globally in the 'Working Abroad Index,' just behind Denmark. The findings reflect growing expat satisfaction and underscore the rising earning potential in the Saudi labor market. Fintech adoption has also contributed to the remittance boom. Companies like stc pay, UrPay, and Tahweel Al-Rajhi offer fast and affordable remittance services integrated with mobile wallets, enabling low-cost and convenient international transfers. According to a 2024 World Bank brief, the average cost of sending $200 from Saudi Arabia was 5.5 percent in the fourth quarter of 2023, making it one of the least costly G20 countries for remittance outflows. In comparison, the G20 average stood at 6.5 percent, with countries like South Africa at 12.8 percent and Japan at 7 percent ranking among the highest. The global average cost for remittances was 6.4 percent, well above the UN Sustainable Development Goal target of 3 percent by 2030. The growth in remittances by Saudi nationals may be attributed to a combination of factors, including the expansion of the working-age population, increased international travel, overseas investments, and education-related transfers. Young Saudis studying abroad, owning property overseas, or supporting family members outside the Kingdom all contribute to rising personal transfers. The overall increase in outbound remittances aligns with broader macroeconomic trends. As Saudi Arabia pushes to diversify its economy and empower the private sector, higher employment levels and better wage conditions are translating into more outbound flows. At the same time, remittances play a vital role in supporting economies across South Asia, the Middle East, and Africa, where many Saudi-based expats originate. The Kingdom's commitment to financial innovation, coupled with a strong expat-driven economy, will likely keep remittance flows elevated in the months ahead.
Zawya
4 days ago
- Business
- Zawya
QIB expands its mobile app features to enhance customer experience
Doha, Qatar – Qatar Islamic Bank (QIB), Qatar's leading digital bank, has introduced a series of new features to its award-winning Mobile App and the QIB Lite App, further strengthening its digital offering and enhancing access to essential financial services for all customers. QIB has enhanced its Instant Credit Card feature by extending it to all eligible customers without requiring a salary transfer to QIB. The feature enables non-salaried customers to instantly apply for and receive a Credit Card via the QIB Mobile App, backed by a lien—a temporary hold—on a deposit or account balance. This update simplifies access to credit and offers customers greater flexibility and control over their finances. Additionally, QIB has expanded its Instant Cash Pickup service to include Pakistan through direct API integration with Habib Bank Limited (HBL) via both QIB Mobile App and QIB Lite App. The Cash Pickup service enables QIB customers to send money securely to beneficiaries in Pakistan, who can collect the cash instantly from any participating HBL branch. The new corridor builds on the existing Cash Pickup network covering Jordan, Egypt, and the Philippines, offering valuable remittance options to Qatar's expatriate communities. Among the newly introduced services, the Salary Advance feature is now available for eligible low-income earners (WPS) through the QIB Mobile App as well. Customers can instantly access up to 80% of their net salary in just a few steps. The service offers a one-time settlement in the following month and a fixed monthly profit rate of only 1%, making it a simple, fast, and affordable solution for customers needing short-term liquidity. The service is now available on both QIB Mobile App and QIB Lite App. Commenting on the launch, Mr. D. Anand, QIB's General Manager – Personal Banking Group, said: 'These new features reflect our ongoing efforts to build a more inclusive and responsive digital banking ecosystem. By listening to our customers and understanding their needs, we are continuously delivering solutions that improve financial access, convenience, and control. Whether it is helping customers bridge short-term expenses, access credit instantly, or support families abroad, QIB remains committed to customer-centric innovation. The continuous releases of new features is a testament to our promise to always expect more from QIB.' With over 320 features and an enhanced user interface, the QIB Mobile App has become the preferred banking channel for QIB customers. The app offers customers full control over their accounts, cards, financing, and transactions, and enables them to fulfil all their banking requirements remotely. Customers can also open new accounts, apply for financing or credit cards, and book deposits instantly and securely. Available on the App Store, Google Play, and Huawei AppGallery, customers can download the QIB Mobile App and self-register using their QID and PIN. For more information, please visit
Zawya
23-07-2025
- Automotive
- Zawya
SelfDrive Mobility launches ‘Rent to Own' in the UAE with cars directly from the dealership
Latest service offers flexibility and customer control as customers can now move from rental to full ownership at any time within first 12 months from their rentals Dubai, United Arab Emirates – SelfDrive Mobility, a leading mobility tech company, has launched a disruptive 'Rent to Own' service, enabling UAE customers to seamlessly transition from renting to owning through fixed monthly payments, with zero hidden costs, no interest, and absolutely no paperwork hassles or security checks. Customers also have the flexibility to return or buy the car before their contract ends. Under this game-changing model, customers have the flexibility to drive a vehicle for a month before deciding whether to purchase it, offering a seamless transition from rental to ownership. Existing SelfDrive customers also have the option to upgrade their monthly rental plan to the Rent-to-Own model on select car models. All SelfDrive vehicles are dealer-maintained, and the purchase price includes insurance, replacements, servicing, and maintenance. Additionally, participation in the program does not impact the customer's credit history. According to a recent Global Media Insight report, 85 per cent of the UAE's 10 million-plus population is expatriates, with many residents maintaining lifestyles and work arrangements that do not align with traditional car ownership models. With more residents freelancing, working on short-term contracts, or enjoying flexible employment, creating new mobility solutions that meet evolving demands for flexible car ownership is key. Data from Dubai's Roads and Transport Authority (RTA) shows commercial vehicle registrations surged by 43 per cent in 2024 compared to the previous year. The number of registered rental companies also increased by 33 per cent, while rental fleets expanded from 49,725 vehicles to more than 71,000. High-end rentals increased by 73 per cent and the number of EVs grew by 50 per cent. These changes indicate a clear shift toward premium and sustainable mobility options. SelfDrive Mobility's Rent-to-Own service directly responds to these trends, offering a new route to car ownership that combines the convenience of a rental with the security of purchase. Through the company's mobile application, customers can choose from 2024 and 2025 models, including popular sedans and SUVs from brands like Geely, Skoda, and Bestune. All with transparent pricing inclusive of insurance, maintenance, and customer support. Meeting UAE Residents' Evolving Mobility Needs The latest service enables customers to initiate a rental but have the option to purchase it at any point within the first 12 months, offsetting their monthly payments against the purchase price. Unlike traditional lease-to-own options, which often involve interest charges and unclear terms, SelfDrive Mobility's model is transparent and interest-free. The only non-refundable payment is the initial downpayment, which ensures commitment without penalising flexibility. 'The UAE's mobility landscape is rapidly changing,' said Soham Shah, Founder and CEO of SelfDrive Mobility. 'More than three million people in the UAE work in freelance or contracted roles, according to recent government employment statistics. These professionals need transportation solutions tailored to their unique requirements. 'Rent to own' provides customer control, clarity, and flexibility, with no hidden surprises.' The service also makes car ownership more accessible to younger demographics and new residents. According to a recent YouGov survey, nearly 60 per cent of UAE residents between the ages of 25-40 prefer flexibility. They want the ability to switch between short-term use and ownership without long-term financial commitments. Furthermore, the UAE Central Bank reported that more than 40 per cent of personal car loan applications were declined in the past two years due to strict credit checks and income verification. SelfDrive Mobility addresses this gap by eliminating financing requirements. To help customers evaluate their options, the company has launched a Rent-to-Own calculator exclusively on the website, allowing customers the opportunity to compare long-term rental costs with ownership, factoring in bundled services such as insurance and maintenance to help make informed decisions. Unlocking Car Ownership for a Wider Audience in the UAE Currently available exclusively in the UAE and with plans for regional expansion, SelfDrive is lowering traditional barriers to car ownership and empowering the country's diverse population to choose mobility on their terms. 'Rent to own' represents a forward-looking solution that supports the UAE's vision of tech-driven, accessible urban mobility for all. About SelfDrive Mobility: SelfDrive Mobility, established in 2017 in the UAE, has rapidly grown into a leading mobility tech company, offering smart mobility solutions with maximum flexibility. With operations across the UAE, Oman, Qatar, Bahrain, Kuwait, KSA, the UK, Ireland, and Turkey, SelfDrive Mobility has served more than 1.5 million customers from 95 different nationalities. The platform provides unique access to more than 100 car models from 50+ renowned brands directly from dealerships, ensuring a perfect match for every customer's needs. Media Contact: Selfdrive@
Times of Oman
20-07-2025
- Times of Oman
Monday column: The harmony between Omanis and expatriates
The harmony between Omanis and expatriates is a key ingredient that makes Oman stand out compared with most countries of the world. There is a reason for it. Centuries of integration with different cultures of the world from different continents is deeply instilled in the blood of all Omanis. It is the makeup of their self-esteem and behavior. Most Omanis, with a few exception, tolerate the traditions of people living around them. It has to be and the statistics prove it. Almost half of the roughly five million people in Oman are expatriates and their families. We go out with our business in the streets and everyone is complete at ease with each other. There is no behavioral segregation or even mental isolation out there. It is exactly the same in the business circles with no exceptions. And this comes to the topic of tourism in Oman. Tourists 'feel complete at home', to quote one of them that I talked to this month, when they come to visit Oman. He and his family were getting 'smiles' and even a 'little bow' wherever they met people. Touring Oman was a complete harmony for them, to exactly quote what they said to me. I know that the Ministry of Heritage and Tourism is promoting Oman a lot. But perhaps it needs a little twist to get a bigger number into the country. Oman roughly gets about 3 million foreign tourists annually flying into the country in different seasons of the year. We can definitely get a lot more. Apart from our natural instincts of integration with different cultures, Oman is an exceptional country. I know this has been said before but it has not really been promoted in the right perspective. First, we should ask what makes Oman different from other nations of the world, apart from its people. Yes, we have beautiful areas scattered around the country, such as mountains, beaches, desert, historical towns and the rest. But we all miss the multiculturalism. We already have festivals in different towns in Oman, such as in Salalah and Jabal Al Akhdhar. But we need more events in different parts of the country that promote different cultures of people who live in Oman. These events can be in different parts Oman and in permanent fixtures. Why is this important? Because Oman hosts different nationalities of people who are working here. Also, we get different nationalities from tourism. They would identify themselves in these events. Moreover, word will go out globally that Oman is promoting their cultures and that will attract more tourists. The media of the world will take notice and start covering these multiculturalism events on regular basis. For those who would question this idea will need to look down at the history of the country. Oman, as a seafaring nation of the past, their people travelled in many nations when airplanes were not even invented. They introduced their culture in those countries and left a deep imprint that is still evident now. Omanis also embraced different cultures when they settled in those countries. They even imported back home some of the multiculturalism. So, it is time to celebrate the past and learn from it and use it to the advantage of attracting more tourists to Oman.
Free Malaysia Today
15-07-2025
- Business
- Free Malaysia Today
Expat job approvals within 20 days via new integrated platform
Human resources minister Steven Sim said 100 companies submitted applications and one company received approval within a week of the launch of Xpats Gateway. (TalentCorp pic) KUALA LUMPUR : A new integrated platform will reduce the time it takes to approve employment pass applications for expatriates from months previously to just 20 working days, says human resources minister Steven Sim. Sim said Xpats Gateway now integrates the processes involving the labour department's Integrated Foreign Workers Management System (ePPAx), MYFutureJobs, and the immigration department's expatriate services division. 'The fully integrated system now consolidates the previously fragmented processes under the labour department, the Social Security Organisation (Perkeso), and the immigration department's expatriate services division into a single end-to-end platform. 'Previously, employers had to submit documents across the three different portals and agencies, with the approval process taking four to six months,' he said at a media briefing today. Sim said employers will no longer have to upload documents and fill in forms on three different platforms, and that the platform was expected to reduce their administrative costs by up to 70%. He said that in the first week since the platform's launch, 100 companies had submitted employment applications through the system. 'One of them received the approval in seven days, well within the new 20-day benchmark. That is a lot of time and manpower saved. What used to be a 180-day wait has now been cut to a shorter period,' he said. Sim commended Talent Corporation Malaysia Bhd (TalentCorp) for leading the platform's development and integration, saying the platform was made in-house. 'TalentCorp's delivery of this platform internally reflects the strength of talent within our public sector, while ensuring sensitive data remains secure and governed within Malaysia,' he said. Immigration director-general Zakaria Shaaban voiced support for the integrated platform, saying it would shorten processing time while ensuring transparent documentation in approving expat job passes. 'This collaboration between the home ministry (through the immigration department) and the human resources ministry is an example of a whole-of-government approach to strengthen investor confidence, uphold national security, and deliver more trustworthy and transparent public services,' he said.
