Latest news with #Ramadan-related
Express Tribune
14-04-2025
- Business
- Express Tribune
All-time high
For the dollar-starved Pakistan, that's real good news. The total amount of remittances received in the country - year on year, month on month, and accumulatively - has seen a significant rise. Pakistan fetched $4.1 billion in March 2025 - the highest-ever received in a single month. For comparison, the amount remitted in the previous month (February 2024) was $3.12 billion, and in the same period last year (March 2024) was $2.95 billion. Moreover, the figure for the first three quarters of this fiscal (i.e. the July-March period) has soared to $28.07 billion as against $21.0 billion in the same period of the previous fiscal year - showing a remarkable 33 per cent rise. From $27.3 billion in FY23 to $30.3 billion in FY24, the volume of remittances continue to witness a consistent rise, and is projected to inflate to $38 billion by the end of the ongoing fiscal year. This potential rise of something like $8 billion for the full fiscal years means a lot for a country that has had to accept intolerable IMF conditions for a bailout deal worth just about 6 to 7 billion dollars. The SBP chief sees seasonal factors, such as Ramadan-related transfers, behind the rise in expat dollars in the previous month. However, a feel good environment - fostered by a stable exchange rate, a notable drop in inflation and SIFC-related activity - cannot be discounted as having encouraged the inflows. It's about time the policymakers capitalised on the momentum by announcing steps to incentivise inflows from abroad. And with the first-ever, three-day Overseas Pakistanis Convention currently underway in Islamabad, there could be no better time for the government to announce special expats-centric investment programmes as well as other incentives.
Express Tribune
14-04-2025
- Business
- Express Tribune
Remittances hit all-time high in March: SBP
Listen to article Pakistan received a record $4.1 billion in remittances in March 2025, the highest monthly inflow on record, State Bank of Pakistan (SBP) Governor Jameel Ahmad said on Monday. Addressing an event at the Pakistan Stock Exchange (PSX), Ahmad confirmed that the surge in inflows provided crucial support to the economy, foreign exchange reserves, and liquidity for importers. This marks the first time that remittances have crossed the $4-billion threshold in a single month. The inflow represents a 37% increase year-on-year compared to $2.95 billion in March 2024. Month-on-month, remittances rose by nearly 30%, up from $3.12 billion in February 2025. Between July 2024 and March 2025, Pakistan received $28 billion in workers' remittances, reflecting a 33.2% increase from the $21.04 billion recorded in the same period of the previous fiscal year. SBP governor projected that foreign exchange reserves would exceed $14 billion by June. He added that while foreign debt obligations for FY25 stand at $26 billion, the government expects $16 billion to be rolled over or refinanced, reducing net repayment pressure to around $10 billion. The SBP governer further noted early signs of economic recovery, but said overall GDP growth for FY25 was now expected to be around 3%, down from earlier projections of over 4.2%, largely due to a weaker-than-expected agricultural season. In January, Ahmad had said that Pakistan's macroeconomic targets were on track, with debt levels and the balance of payments under control. The central bank attributed the increase to enhanced formal banking channels, seasonal factors such as Ramadan-related giving, and exchange rate stability which encouraged legal transfers. Remittances continue to play a critical role in supporting Pakistan's external account, stabilising foreign reserves, and supplementing household incomes. Remittances from other Gulf and European countries also contributed to the surge, though in smaller volumes. The record inflow offers some short-term relief for Pakistan's economy, which continues to face external financing pressures and inflationary challenges. Higher remittances are expected to support foreign exchange reserves, strengthen the rupee, and ease the trade and current account deficits. The inflows are used by households to cover living expenses, healthcare, education, and housing, while also playing a critical role in mitigating external financing gaps. The SBP also reported improved performance of digital and formal banking channels, noting that increased awareness campaigns and crackdowns on hawala/hundi networks have also redirected inflows through official routes.
Ya Biladi
27-03-2025
- Business
- Ya Biladi
World Bank : Morocco's economy to grow 3.6% in 2025
Morocco's economy is projected to grow by 3.6% in 2025 before slightly easing to 3.5% in 2026, according to the World Bank. Favorable weather is expected to boost agriculture, while non-agricultural sectors maintain steady expansion. Speaking in Rabat on Wednesday at the launch of the World Bank's latest Morocco Economic Monitoring Report, Senior Economist Javier Diaz Cassou described the growth outlook as «relatively robust» and in line with pre-pandemic trends. Agricultural GDP is set to rebound in 2025 due to improved rainfall before stabilizing at around 2.6% in the medium term. Meanwhile, non-agricultural GDP is expected to slow slightly due to a base effect following strong expansion in 2024. Inflation remains contained despite Ramadan-related price pressures, with core inflation and expectations measured by Bank Al-Maghrib confirming overall stability, Diaz Cassou noted. The current account deficit is expected to widen modestly but remain below historical averages, reflecting a revival in domestic demand. Fiscal consolidation is set to continue, with the budget deficit narrowing toward pre-pandemic levels, helping public debt decline to between 67% and 68% of GDP. Morocco's public sector is playing an increasingly central role in the economy, aligning with the country's new development model, he added. Despite positive indicators, challenges remain. The inflationary shock has weighed on household purchasing power, dampening consumer confidence. While urban labor markets are improving—with 162,000 jobs expected to be created in 2024—employment growth has lagged behind population expansion, rising just 1.5% over the past decade compared to a 10% increase in the working-age population. The World Bank report highlights Morocco's potential for stronger, more inclusive growth through targeted reforms aimed at improving the business climate and labor market dynamism.
Arab Times
06-03-2025
- Business
- Arab Times
Minister inspects cooperative societies in Jahra for regulation compliance
KUWAIT CITY, March 6: Minister of Social Affairs, Family, and Childhood Affairs Dr. Amthal Al-Huwailah visited several cooperative societies in Jahra Governorate on Wednesday to monitor their compliance with ministerial decisions regulating cooperative markets during the holy month of Ramadan. In a press statement, the ministry explained that this tour was part of its ongoing efforts to ensure price stability, provide high-quality essential products, and ensure that laws and regulations governing cooperative markets are followed to benefit both shareholders and consumers. During the visit, Minister Al-Huwailah engaged with officials from the cooperative societies to discuss the mechanisms in place for controlling prices and ensuring the availability of Ramadan-related products. She assured them that the ministry will continue to monitor the performance of these societies to guarantee the best possible services for shareholders and consumers. The ministry emphasized that field tours will continue across various governorates to monitor cooperative societies' adherence to ministerial decisions and to improve the quality of services, aiming to achieve food security and consumer stability throughout the holy month.
Campaign ME
05-03-2025
- Business
- Campaign ME
Ramadan advertising: From visibility to meaningful connections
The time of Ramadan has always been a linchpin in the brand landscape in the Middle East, a time crucial for companies to forge deeper and meaningful connections with consumers. The creative advertising approach for Ramadan, traditionally, has revolved around highly visible spots, emotive storytelling and large-scale partnerships. However, powered by the evolution of consumer behaviour, digital acceleration and a heightened demand for authenticity, Ramadan advertising in today's time is no longer about visibility alone. It is about resonance. Recent data underlines the extent of this transformation. While essentials such as groceries remain the biggest category spenders, digital entertainment and social commerce show significant growth. In the UAE and KSA market, 61 per cent of consumers currently shop via Instagram and TikTok, underlining a marked shift toward e-commerce-led discovery. Video consumption habits have also changed. 32 per cent of viewers in the UAE now prefer short-form content under 20 minutes, with a growing inclination toward religious and Ramadan-specific programming. Brands still investing predominantly in traditional media risk losing relevance among an audience that expects tailored, omnichannel experiences. The digital-first consumer has flipped the Ramadan marketing playbook on its head. Connected TV has emerged as a serious game enabler, a bridge between premium content and digital target capability. YouTube has also emerged as a key platform for engagement; Ramadan-related searches start to surge weeks in advance of the Holy Month. Influencer-led content is working now more than ever, as 25 per cent of regional consumers say product recommendations by trusted creators influence their purchasing decisions. The takeaway is simple: the audience is no longer passive. They want brands to meet them where they are, on the platforms they frequent and in the formats in which they engage most. While digital adoption accelerates, one fundamental expectation remains unchanged, and that is authenticity. The appetite for purpose-driven campaigns is at an all-time high. Consumers are increasingly scrutinising the intent behind brand communications, especially when it comes to charitable giving. This transparency is important. 64 per cent of UAE consumers and 65 per cent in KSA claim they want to know exactly where their donations will go. Superficial gestures and token corporate social responsibility activities will no longer cut it. Instead, the brands must embed real social impact into Ramadan strategies, either through direct engagement with the community, transparent philanthropic contributions, or initiatives fostering meaningful connections. Another defining characteristic of modern Ramadan advertising is its move from mass appeal to hyper-personalisation. Artificial intelligence and data-driven insights are enabling brands now in crafting bespoke experiences that cater to distinct audience segments. From personalised offers mapping on to a consumer's shopping history to AI-powered chatbots facilitating real-time engagement, the focus has shifted from broad reach to individual relevance. This level of personalisation is not just a competitive advantage; it is fast becoming an expectation. Ramadan, by nature, is social and not only online. Offline habits remain well-ingrained, with a high number of UAE and KSA residents visiting parks and public spaces in the evening. This presents a very real opportunity for brands to engage in experiential marketing. Hosting community iftars, cultural activations and immersive brand experiences are proving powerful ways to foster goodwill and lasting affinity. It is not just about physical presence; it is about meaningful participation as well. This means Ramadan activations succeed or fail based on how well they will be remembered rather than how much noise they create. In this direction, brands that smoothly integrate into the consumer's Ramadan experience will find their place in their audience's traditions beyond seasonal appearances. Digital engagement for Ramadan campaigns is taking a whole new turn now. Augmented reality (AR) filters, interactive mobile experiences and AI-powered personalisation engines are redefining how brands engage with their audiences. A successful campaign today balances digital sophistication with human contact so that every touchpoint, whether it is a social media advert, a branded content piece, or an on-ground activation should feel personal, relevant and valuable. This is well demonstrated in the consumer electronics segment. A YouGov Guide to 2024 Ramadan Shopping Insights Report indicated that 40 per cent of UAE consumers were likely to consider buying electronic gadgets during Ramadan, while 24 per cent were actively looking for devices embedded with the latest technologies. This trend is a pointer to the need to position products according to consumer expectations of novelty and relevance during the Holy Month. In this new era of Ramadan advertising, the brands that will make it to the top will be those that put meaning over marketing. This Holy Month is not only an opportunity to sell; it is also a time for reflection among people, a time of sharing and being with people. The objective is to make sure campaigns cut through while staying true to the spirit of Ramadan. Only those who can balance this scale will achieve relevance in the Holy Month and even further, long after it has ended, with the consumer. By Jobin Joejoe, Managing Director, Sony Middle East and Africa
