Tag: Saudi

US dollar, UK pound, Saudi riyal, Dirham, Aus dollar to INR exchange rates on April 17

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The exchange rates of the US dollar, UK pound, Saudi riyal, UAE’s Dirham, Australian dollar, and other currencies to Indian rupees depend on demand and supply.
Following are the exchange rates as on April 17, 2023.
Foreign currencies INR values (Change)
US Dollar 81.95
UK Pond 101.72
Dirham 22.31
Saudi Riyal 21.85
Australia Dollar 54.99
Factors that affect exchange rates
Following are some of the factors that affect exchange rates

MS Education Academy
Inflation
Interest rates
Flow of capital
Liquidity
Current Account Deficits
Inflation: It is an important factor in the exchange rate calculation. As higher the inflation, the lower the currency value, rupee depreciates with the rise in inflation. Rupee appreciates in case of a fall in inflation.
Interest rate: As global investors who look for fixed income will always get attracted to countries that offer higher interest rates, which contributes to the appreciation/depreciation of the Indian rupee.
Flow of capital: As the inflow of capital will result in a rise in demand for the rupee value, it appreciates the rupee. The opposite happens when there is a rise in the outflow of capital.
Liquidity: It is the money supply in the market. With the rise in the money supply, the rupee loses its value and it results in the depreciation of the currency. If the money supply in the market decreases, the rupee appreciates.

Current Account Deficits: It represents that a country is importing goods valued more that the goods it is exporting. This imbalance results in a fall in the value of the currency.
CAD depreciates the currency whereas, Current Account Surplus appreciates the currency.
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#dollar #pound #Saudi #riyal #Dirham #Aus #dollar #INR #exchange #rates #April
( With inputs from www.siasat.com )

April 17, 2023
Saudi Arabia launches brass barrier around Prophet’s Chamber

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Riyadh: As part of efforts to preserve the visual identity of the Prophet’s Mosque in Madinah, a government agency has unveiled a gilded copper barrier surrounding the Prophet’s chamber, the Saudi Press Agency (SPA) reported.
The new barrier, launched by the General Presidency of the Prophet’s Mosque, replaces the wooden barrier.
“The idea of changing the wooden barrier with a brass barrier is in sync with the visual identity and architectural pattern of the Prophet’s Mosque,” said the deputy chief of the presidency for operational and maintenance affairs, Abdullah bin Dukhail.

The design of the barrier was inspired by the front facade of the Prophet’s Chamber Rawda Al-Sherifa and the compartments containing copies of the Holy Quran in the old mosque.
It is a barrier made of pure copper and is 87 linear meters long and one meter high.
More than a million Muslims are expected to visit Al-Rawda Al-Sherifa during the month of Ramzan.
Over 21 million Muslims performed prayers in the Prophet’s Mosque in the first twenty days of Ramzan, an increase of 49 per cent over the same period last year.

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#Saudi #Arabia #launches #brass #barrier #Prophets #Chamber
( With inputs from www.siasat.com )

April 16, 2023
Saudi Arabia to renovate 100-yr-old Al-Qalaa mosque in Madinah

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Riyadh: As part of the Prince Mohammad bin Salman’s preservation of urban heritage the Kingdom of Saudi Arabia (KSA) will renovate the 100-year-olf Al-Qalaa mosque in the town of Hanakiya, about 102 kms northeast of Madinah, the Saudi Press Agency (SPA) reported.
The historic Madinah-style mosque renovation will increase its area from 181.75 square meters to 263.55 square meters with a capacity to accommodate 171 worshippers.
The project will use natural materials of mud and local woods to rebuild the mosque in its old form and maintain the construction techniques that distinguish it in its ability to adapt to the local environment and the hot desert climate.

Al-Qalaa Mosque is one of 30 mosques that Prince Mohammed bin Salman’s project will work to restore in its second phase in all thirteen regions of the Kingdom, including six mosques in Riyadh, five mosques in Makkah, four mosques in Madinah, three in Asir, two in each of the Eastern Region, Al-Jouf, and Jazan, and one mosque in each of the Northern Borders Region, Tabuk, Al-Baha, Najran, Hail, and Al-Qassim.
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#Saudi #Arabia #renovate #100yrold #AlQalaa #mosque #Madinah
( With inputs from www.siasat.com )

April 16, 2023
Saudi transfers 4% Aramco shares to PIF’s Sanabil

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Riyadh: Saudi Crown Prince Mohammed bin Salman on Sunday announced the completion of the transfer of 4 per cent of the total shares of Aramco from Kingdom ownership to the Saudi Arabian Investment Company, Sanabil Investment, owned by the Public Investment Fund (PIF), the Saudi Press Agency (SPA) reported.
This comes as a continuation of the Kingdom’s initiatives aimed at strengthening the national economy in the long term and diversifying its resources.
Mohammed bin Salman stressed that the transfer process contributes to maximizing the assets of the Public Investment Fund (PIF) and increasing its investment returns, which enhances the fund’s strong financial position and credit rating.

He explained that the Kingdom remains the largest shareholder in Saudi Aramco after the transfer process, with a percentage of (90.18 per cent) of the company’s total shares.
He pointed out that the Public Investment Fund (PIF) is continuing to launch new sectors, build strategic economic partnerships, localize technologies and knowledge, in addition to creating more direct and indirect jobs in the local labor market.
The transfer of part of the Kingdom’s shares in Aramco is a continuation of Saudi Arabia’s long-term initiatives to diversify the national economy and expand investment opportunities in line with Vision 2030, SPA quoted Prince Mohammed as saying.
In February 2022, 4 per cent of Aramco shares were also transferred to the Public Investment Fund.
The transfer of new shares, like the previous ones, will contribute to supporting the Saudi sovereign fund’s plans aimed at raising the volume of its assets under management to about 4 trillion Saudi riyals by the end of 2025.

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#Saudi #transfers #Aramco #shares #PIFs #Sanabil
( With inputs from www.siasat.com )

April 16, 2023
Saudi: Over 50 million passengers used Makkah buses in 2022

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Riyadh: The Kingdom of Saudi Arabia (KSA) has announced that Makkah buses set a new record after the number of its users exceeded 50 million since its launch in mid-February 2022 until April 2023, the Saudi Press Agency (SPA) reported.
The Royal Commission for the Holy City of Makkah and Holy Sites announced 50 million, as a new number, after it achieved last December 2022 an increase of 71 percent, reaching 25 million passengers, compared to the expected estimates of bus users for the entire year.
Expected estimates indicate that this number will double in the coming period, as it meets the needs of the residents and visitors of Makkah.

The CEO of the Royal Commission for the Holy City of Makkah and Holy Sites, Engineer Saleh bin Ibrahim Al-Rasheed, said, this increase exceeded expectations, as the technologies used contributed to that increase.
He added that the capacity also contributed to achieving this number, as the articulated buses operate with a capacity of 125 passengers, while the regular buses operate with a capacity of 85 passengers, and were operated through 12 lanes and 438 stopping stations.
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#Saudi #million #passengers #Makkah #buses
( With inputs from www.siasat.com )

April 16, 2023
US dollar, UK pound, Saudi riyal, Dirham, Aus dollar to INR exchange rates on April 16

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The exchange rates of the US dollar, UK pound, Saudi riyal, UAE’s Dirham, Australian dollar, and other currencies to Indian rupees depend on demand and supply.
Following are the exchange rates as on April 16, 2023.
Foreign currencies INR values (Change)
US Dollar 81.84
UK Pond 101.61
Saudi Riyal 21.82
Australia Dollar 22.29
Factors that affect exchange rates
Following are some of the factors that affect exchange rates

Inflation
Interest rates
Flow of capital
Liquidity
Current Account Deficits
Inflation: It is an important factor in the exchange rate calculation. As higher the inflation, the lower the currency value, rupee depreciates with the rise in inflation. Rupee appreciates in case of a fall in inflation.
Interest rate: As global investors who look for fixed income will always get attracted to countries that offer higher interest rates, which contributes to the appreciation/depreciation of the Indian rupee.
Flow of capital: As the inflow of capital will result in a rise in demand for the rupee value, it appreciates the rupee. The opposite happens when there is a rise in the outflow of capital.
Liquidity: It is the money supply in the market. With the rise in the money supply, the rupee loses its value and it results in the depreciation of the currency. If the money supply in the market decreases, the rupee appreciates.

Current Account Deficits: It represents that a country is importing goods valued more that the goods it is exporting. This imbalance results in a fall in the value of the currency.
CAD depreciates the currency whereas, Current Account Surplus appreciates the currency.
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#dollar #pound #Saudi #riyal #Dirham #Aus #dollar #INR #exchange #rates #April
( With inputs from www.siasat.com )

April 16, 2023
Saudi Arabia calls on Muslims to sight Shawwal moon on Thursday

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Riyadh: The Kingdom of Saudi Arabia’s Supreme Court on Friday called on all Muslims living in the kingdom to sight the crescent moon of Shawwal 1444, 2023 on Thursday evening, 29 Ramzan corresponding to April 20.
In an announcement, the Kingdom’s court called on Muslims who sight the moon with the naked eye, or through binoculars to report to the nearest court and register their testimonies, or report to the nearest centre that can contact a court.
If Thursday, April 20, is the last day of Ramzan, Shawwal will fall on Friday, April 21, as the Islamic month is 29 or 30 days long according to the lunar calendar. But, if it completes 30 days, Shawwal will fall on Saturday, April 22.

The sighting of the crescent of Shawwal will also mark the day of Eid Al-Fitr which will begin either fall on Friday or Saturday.
What is Shawwal?
In Islam, Shawwal is the tenth month of the Islamic calendar, also known as the Hijri calendar or lunar calendar consisting of twelve months beginning with Muharram, and ending with Zul-Hijjah. Each month starts with the sighting of the moon. Eid Al Fitr, on the other hand, marks the end of the month-long fast.
The calendar has been observed for more than 1,440 years and is used to date important Islamic events including the start of Ramzan, Eid-Al-Fitr, and the beginning of the Haj.
The month of Shawwal is also of special importance to the Muslims. It is during this month that Allah has bestowed the Eid-ul-Fitr celebration. The month is considered to be Allah’s reward for the successful completion of Ramzan.
Fasting for a period of six days in the month of Shawwal is of immense virtue to the Muslims. It also compensates for any short falling that one might have made during the fasting of Ramzan.

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#Saudi #Arabia #calls #Muslims #sight #Shawwal #moon #onThursday
( With inputs from www.siasat.com )

April 15, 2023
Saudi Arabia opens reservations for Shawwal Umrah

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Riyadh: The Kingdom of Saudi Arabia’s Ministry of Haj and Umrah has announced that reservations are now open for Umrah permits during the Islamic month of Shawwal 1444 AH, which follows Ramzan.
Those wishing to perform Umrah or lesser pilgrimage can book through the Nusuk application.
The Ministry of Haj and Umrah took to Twitter and wrote, “Hurry to book your appointment via the Nusuk app to ensure smooth and comfortable Umrah rites.”

The nusuk.sa platform allows Muslims wishing to perform Umrah or visit the holy places in the Kingdom of Saudi Arabia (KSA) to obtain the necessary visas and permits, as well as book related packages online.
Millions of Muslims, who cannot physically or financially afford the annual Haj, go to Saudi Arabia to perform the Umrah.
In recent months, the kingdom has unveiled a range of facilities for Muslims wishing to come to the country to perform the Umrah.
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#Saudi #Arabia #opens #reservations #Shawwal #Umrah
( With inputs from www.siasat.com )

April 15, 2023
US dollar, UK pound, Saudi riyal, Dirham, Aus dollar to INR exchange rates on April 14

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The exchange rates of the US dollar, UK pound, Saudi riyal, UAE’s Dirham, Australian dollar, and other currencies to Indian rupees depend on demand and supply.
Following are the exchange rates as on April 13, 2023.
Foreign currencies INR values (Change)
US Dollar 81.88
UK Pond 101.59
Saudi Riyal 21.83
Dirham 22.29
Australia Dollar 54.85
Factors that affect exchange rates
Following are some of the factors that affect exchange rates

Inflation
Interest rates
Flow of capital
Liquidity
Current Account Deficits
Inflation: It is an important factor in the exchange rate calculation. As higher the inflation, the lower the currency value, rupee depreciates with the rise in inflation. Rupee appreciates in case of a fall in inflation.
Interest rate: As global investors who look for fixed income will always get attracted to countries that offer higher interest rates, which contributes to the appreciation/depreciation of the Indian rupee.
CAD depreciates the currency whereas, Current Account Surplus appreciates the currency.

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#dollar #pound #Saudi #riyal #Dirham #Aus #dollar #INR #exchange #rates #April
( With inputs from www.siasat.com )

April 15, 2023
Saudi Arabia announces new three-month temporary work visa
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Riyadh: The Kingdom of Saudi Arabia (KSA) has introduce a new three-month temporary work visa service, local media reported.
The visa enables companies to issue a temporary work visa, whose holder can work for a period of three months from the date of entry, according to the Qiwa platform.
The visa can also be extended for a similar period. Foreign nationals applying for this visa do not need to obtain a residence or work permit.

The visa application must be submitted by the employer or authorized representative of Qiwa.
The regulations for the temporary work visa service require that the organization must be active and have a valid commercial registration, except for activities that do not require a commercial registration.
In addition, enterprises with the same unified number must have no expired work permit and have sufficient balance in the enterprise’s national unified number in the Absher account.
The temporary work visa is issued by Qiwa immediately and requires no documents.
The visa is electronic and valid within one year.

To apply online for a temporary work visa, the applicant must follow these steps
Select the temporary work visa service from e-services.
Then, complete all the required fields and submit the request.
Reasons given for the rejection of a request for the temporary visa include an insufficient balance in the unified number of the enterprise on Absher and rejection from the Ministry of the Interior.
The temporary work visa balance package can be cancelled and government fees refunded.
The cancellation request must be submitted by the business owner or a commissioner, the platform pointed out.
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#Saudi #Arabia #announces #threemonth #temporary #work #visa
( With inputs from www.siasat.com )
April 14, 2023