Fawri, a popular remittance wing of the leading bank of Saudi Arabia, Bank AlJazira (BAJ), has announced plans to open 60 model money transfer centers within next three years in an effort to maximize its reach among customers and to add new services to its portfolio.
Fawri is the only market player in the Kingdom today to have a vast network of about 400,000 payout locations in more than 200 countries.
This was disclosed by Sami Hamad Al-Rajhi, BAJ’s senior vice president and head of banking service group, in a special interview here on Saturday.
Al-Rajhi spoke at length about the relatively new remittance service Fawri, which is becoming increasingly popular among expatriate workers and Saudi nationals. Anwar Ahmed Wajid Khaja, Fawri manager for products and partners, was also present.
Al-Rajhi, who is the chief of ‘Fawri Money Transfer Services’ at BAJ said that Fawri centers have become the first in the country to have WiFi facility for providing high-speed Internet to customers, who walk into the centers for remitting money.
He said that Fawri ranks today as a brand, which upholds international standards in its facilitation of money transfers between several countries across the world.
Spelling out the features of ‘Fawri Money Transfer Services’, he said that Fawri is the remittance group of Bank AlJazira facilitating international remittance services across the world.
“Funds can be remitted through Fawri to all major countries namely India, Philippines, Pakistan, Bangladesh, Egypt, Sri Lanka, Indonesia, Yemen, Turkey, Jordan, Morocco and many more,” he added.
Al-Rajhi pointed out that Fawri has introduced the new, lower-priced money transfer service that could undercut the traditional players in the industry.
“Fawri charges the lowest in the market for outward remittances, while our exchange rates are fairly better than other players,” he noted.
“For remittances to Pakistan, there is no charge and for other countries, we charge SR15 per transaction,” he informed.
On the question of how much the correspondent banks charge for the remittance in different countries, he said that in case of cash over the counter and direct credit to account, there are no back-end charge for remittances to India, Pakistan and Bangladesh.
“Fawri also maintains a high standard of service and a rapidly expanding network across the region,” said the Fawri chief, who himself is a veteran of banking and remittance industry of the Kingdom.
Asked about the facility offered by the bank for in-country remittance, he pointed out that “we have inward remittance facility through our main partner MoneyGram, one of the leading money transfer operators (MTOs) in the world and the charges differ with the sending corridor.”
MoneyGram International Inc. is a major money transfer company based in the US, which operates in more than 200 countries with an ever-expanding global network of agent offices.
He pointed out that Fawri also offers buying and selling of foreign currencies at very competitive rates.
“Currently, this service is available for American dollar and euro only; and in the near future, we will be able to deal in all major currencies including GCC currencies,” said Al-Rajhi, while referring to the expansion plan being pursued by BAJ.
Asked about the total number of Fawri remittance centers currently operational across the Kingdom, he said that a total of 17 centers are functional at the moment.
These centers are offering worldwide instant money transfer services i.e. “cash 2 cash” and also credit to any bank account in several countries including the Philippines, India, Pakistan, Bangladesh, Sri Lanka and Malaysia, he noted.
He said that Fawri centers all over the Kingdom can boast to ensure easy and quick customer registration process, no manual forms, customer information file (CIF) card with name printed onto it, multilingual staff, queue management system, strategic and prime locations, and above all customer service excellence.
On the top of all these facilities, there are dedicated women counters at Fawri centers, WiFi access and big TV screens offering fun, views and news. Customers can also benefit from reward program and they are also given gifts for using the services.
To this end, he noted that a new Fawri center was opened only a couple of days back in Haiul Wazarat area in Riyadh, which is a hub of Asian workers,.
Asked about ceiling or restrictions imposed by Saudi Arabian Monetary Agency (SAMA) on the amount of funds to be remitted outside the Kingdom, Al-Rajhi made it categorically clear that “there are no restrictions on sending limits from our regulatory body SAMA, but the limits of funds to be remitted are dependent on the recipient country/bank and their respective product line.”
“Any expatriate worker can send the funds to his country,” said Al-Rajhi adding that the amount of funds remitted by a worker should match the profession, the financial capacity and the earnings of a particular worker. To this end, he noted that beneficiaries in major labor exporting countries can receive money “instantly” through certain correspondent banks and a minimum of 24 hours through other banks.
Bank AlJazira to open 60 world-class ‘Fawri’ money transfer centers
Bank AlJazira to open 60 world-class ‘Fawri’ money transfer centers
Pakistan hopes to get new IMF loan by early July, says finance minister
- Pakistan’s current $3 billion financial arrangement with IMF expires in late April
- Islamabad is seeking “bigger,” long-term loan to ensure macroeconomic stability
Pakistan is hoping to reach a staff-level agreement with the International Monetary Fund by June or early July, its finance minister said on Tuesday.
The country’s current $3 billion arrangement with the fund runs out in late-April, which it secured last summer to avert a sovereign default.
Islamabad is seeking a long-term bigger loan to help bring permanence to macroeconomic stability as well as an umbrella under which the country can execute structural reforms.
“We are still hoping that we get a staff-level agreement by June or early July,” Finance Minister Muhammad Aurangzeb told a conference in Islamabad.
He returned from Washington last week after leading a team to attend the IMF and World Bank’s spring meetings. “We had very good discussions in Washington,” he said.
He said he did not know at this stage the volume and tenure of the longer program.
Riyadh prepares to host special meeting of World Economic Forum
- The aim of the gathering is to find solutions to global challenges relating to humanitarian issues, the climate and the economy
RIYADH: Final preparations are taking place this week in the Saudi capital, Riyadh, for a special meeting of the World Economic Forum in the city on April 28 and 29.
Heads of state and senior executives from the public and private sectors are expected to be among the participants, who will discuss a range of global economic issues and developments under the theme “Global Collaboration, Growth and Energy for Development.”
The aim of the meeting is to find solutions to a host of global challenges relating to humanitarian issues, the climate and the economy. On the sidelines of the main event, the Kingdom will host exhibitions and other events to highlight the latest developments and trends in areas such as sustainability, innovation and culture.
The selection of Riyadh as host of the special meeting reflects the extensive partnership between Saudi Arabia and the WEF, officials said.
It builds upon the Kingdom’s active participation and contributions to the WEF’s Annual Meetings in Davos.
The agenda is designed to rekindle the spirit of cooperation and collaboration with various panel discussions, workshops, and networking opportunities. It represents a significant gathering of global leaders and experts dedicated to forging a path toward a more resilient, sustainable, and equitable world.
ACWA Power inks deal to drive renewable energy development in Azerbaijan
RIYADH: Saudi energy giant ACWA Power is signing a new agreement to accelerate the development of renewable projects in Azerbaijan.
The private water desalination company, known for its extensive green hydrogen storage capacity, announced it has now finalized an agreement with SOCAR, the State Oil Company of the Azerbaijan Republic.
This development follows an initial cooperation understanding signed in February 2023.
This deal focuses on the joint evaluation of the “Low-Carbon/Green Fertilizer” project, in which the two bodies will collaborate on assessing the production of green hydrogen to support the decarbonization of SOCAR downstream assets.
Marco Arcelli, CEO of ACWA Power, said in a statement, “I am proud to announce our collaboration with SOCAR to ignite a new era of renewable energy development in Azerbaijan. With our shared vision and commitment to sustainability, this partnership will not only drive innovation but also pave the way for a cleaner and brighter future for this country.”
The primary directive of the agreement will be to enhance SOCAR’s carbamide fertilizer facility, striving toward more value-added low-carbon products.
As part of the project, SOCAR and ACWA Power will conduct feasibility studies to assess the potential production and sale of green fertilizers, aligning with Azerbaijan’s vision of achieving a clean environment.
ACWA Power will take a role in driving the project’s renewable energy and green hydrogen production aspects, bringing their expertise to bear on this initiative.
For his part, Anar Mammadov, vice president of SOCAR, said, “Azerbaijan is committed to building a sustainable future, and our partnership with ACWA Power underscores our shared dedication to driving renewable energy development in the region. Together, we will work towards realizing our vision of a cleaner, greener Azerbaijan.”
He added: “The cooperation with ACWA Power represents a significant step forward in Azerbaijan’s transition towards a low-carbon economy and underscores the commitment of both organizations to sustainable development practices.”
Preceding this announcement, the two nations posed their intent to collaborate on renewables as Saudi Arabia’s Minister of Energy Prince Abdulaziz bin Salman met with Azerbaijan’s Minister of Environment and Natural Resources Mukhtar Babayev in March.
During the meeting, the counterparts discussed opportunities for work and cooperation between their two countries in the field of climate change.
They also talked about joint efforts to achieve the goals of the UN Framework Convention on Climate Change and the Paris Agreement, the Kingdom’s ministry said in a statement at the time.
Closing Bell: TASI edges down to close at 12,509 points
RIYADH: Saudi Arabia’s Tadawul All Share Index closed at 12,508.93 points on Monday, losing 9.29 points or 0.07 percent.
The parallel market, Nomu, also shed 343.96 points or 1.28 percent to end the day’s trading at 26,596.22.
Concurrently, the MSCI Tadawul 30 Index fell 3.95 points or 0.25 percent to finish at 1,567.16.
The main index posted a trading value of SR8.8 billion ($2.3 billion), with 74 stocks advancing and 148 declining. On the other hand, Nomu reported a trade volume of SR37.7 million.
Al-Rajhi Company for Cooperative Insurance was the top performer on TASI as its share price surged 9.93 percent to SR126.20. LIVA Insurance Co. followed next with its share price jumping 9.92 percent to close at SR21.50.
Gulf General Cooperative Insurance Co. also performed well, climbing 9.16 percent to SR16.44. Raydan Food Co. and Fitaihi Holding Group increased 8.14 and 8.11 percent to SR28.55 and SR4.40, respectively.
Conversely, Saudi Cable Co. recorded the most significant dip, declining 4.94 percent to SR75.
Alkhaleej Training and Education Co. and Ash-Sharqiyah Development Co. also experienced setbacks, with their shares dropping to SR31.50 and SR23.40, reflecting declines of 4.83 and 4.10 percent, respectively.
Nomu’s top performer was Dar Almarkabah for Renting Cars Co., which saw a 9.73 percent jump to SR44. Mayar Holding Co. and Alqemam for Computer Systems Co. also recorded notable gains, with their shares closing at SR4.27 and SR89.80, marking an increase of 7.02 and 5.03 percent, respectively. Arabian International Healthcare Holding Co. and Foods Gate Trading Co. also fared well.
On Nomu, Raoom Trading Co. was the worst performer, declining by 7.28 percent to SR135. Other underperformers included Natural Gas Distribution Co. and National Environmental Recycling Co., whose share prices dropped 5.58 percent and 5.23 percent to SR42.30 and SR12.32, respectively.
Watani Iron Steel Co. and Future Care Trading Co. declined during the day to settle at SR2.81 and SR8.70, respectively.
Saudi Aramco in talks to acquire 10% stake in China’s Hengli Petrochemical
RIYADH: Energy giant Saudi Aramco held talks with Chinese Hengli Group Co. to acquire a 10 percent stake in its subsidiary, subject to due diligence and required regulatory clearances.
Aramco and Hengli Petrochemical Co. signed a memorandum of understanding for the proposed deal. The agreement supports the former’s strategy to increase its presence in key downstream markets, enhance its liquids-to-chemicals initiative, and ensure long-term crude oil supply agreements.
Last year, Aramco signed two multibillion-dollar agreements for liquids to chemicals investments in China.
In March 2023, a deal was signed between China’s Norinco Group and Panjin Xincheng Industrial Group to establish a joint venture to build a refinery and petrochemical complex in China’s Liaoning province. The initiative cost stands at approximately $12 billion.
The second agreement, signed in July, is an acquisition of a 10 percent stake in China-based firm Rongsheng Petrochemical Co. for $3.4 billion.
“This MoU supports our efforts to grow our global downstream footprint. We continue to explore new opportunities in important markets as we seek to progress in our liquids-to-chemicals strategy,” Mohammed Al-Qahtani, Aramco’s downstream president, said in a press release.
He continued: “We look forward to forging new partnerships and are excited by the prospect of expanding our presence in the important Chinese market.”
Hengli Petrochemical, a controlled subsidiary of Hengli Group, owns and operates a 400,000-barrel-per-day refinery and integrated chemicals complex in Liaoning province, and several plants and production facilities in Jiangsu and Guangdong provinces.
Speaking at a development forum held in March 2023 in Beijing, Amin Nasser, president and CEO of Aramco, highlighted substantial opportunities for cooperation between Saudi Aramco and Chinese partners in sectors aimed at reducing emissions.
“China has distinct strengths in renewables and critical materials, while Aramco and Saudi Arabia have a clear interest in solar, wind, hydrogen, and electrofuels. These areas have great long-term potential, and combining our strengths could match our ambitions,” he noted.
Saudi Arabia and China are working together to strengthen their already well-established strategic ties.
In September, the Kingdom’s minister of industry and mineral resources held meetings with key Chinese officials in Beijing. Bandar Alkhorayef also toured various companies and factories in different Chinese cities as part of his trip.
He held talks with China’s Vice Minister of Commerce Wang Shouwen, during which they discussed ways to boost economic collaboration and trade ties, the Saudi Press Agency reported.
The top officials also discussed investment opportunities in several economic sectors, including mining. At the time, the Saudi minister highlighted the Kingdom’s progress in the field of industries and mining.
