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Khalid bin Salman Named Chairman of SAMI Board of Directors

Saudi Defense Minister Prince Khalid bin Salman.
Saudi Defense Minister Prince Khalid bin Salman.
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Khalid bin Salman Named Chairman of SAMI Board of Directors

Saudi Defense Minister Prince Khalid bin Salman.
Saudi Defense Minister Prince Khalid bin Salman.

The Saudi Arabian Military Industries (SAMI), a key enterprise under the Public Investment Fund (PIF), announced on Wednesday a restructuring of its Board of Directors.

Defense Minister Prince Khalid bin Salman was named as Chairman of the board.

The board includes Minister of Industry and Mineral Resources Bandar Al-Khorayef, Chairman of the General Authority for Civil Aviation Abdulaziz Al-Duailej, Assistant Minister of Defense Eng. Talal Al-Otaibi, Dr. Khalid Al-Biyari, Yasir Al-Salman, Eng. Omar Al-Madhi, and Eng. Abdulaziz Al-Suqair.

SAMI CEO Walid bin Abdulmajeed Abu Khalid hailed the efforts of the previous board which managed to lead it to become one of the world’s top 100 specialized defense companies.

SAMI was established in 2018 by the PIF to contribute to achieving the Kingdom's Vision 2030 by localizing 50% of the Kingdom's defense spending.

SAMI has been playing an essential role in developing the capabilities of its defense system and enhancing its self-sufficiency through its growing portfolio of products and services across its business sectors.

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Egypt’s Central Bank Reports $26 Billion in Remittances in 11 Months

General view of the new headquarters of the Central Bank of Egypt, at the New Administrative Capital (NAC) in the east of Cairo, Egypt, March 18, 2024. REUTERS/Mohamed Abd El Ghany/File Photo
General view of the new headquarters of the Central Bank of Egypt, at the New Administrative Capital (NAC) in the east of Cairo, Egypt, March 18, 2024. REUTERS/Mohamed Abd El Ghany/File Photo
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Egypt’s Central Bank Reports $26 Billion in Remittances in 11 Months

General view of the new headquarters of the Central Bank of Egypt, at the New Administrative Capital (NAC) in the east of Cairo, Egypt, March 18, 2024. REUTERS/Mohamed Abd El Ghany/File Photo
General view of the new headquarters of the Central Bank of Egypt, at the New Administrative Capital (NAC) in the east of Cairo, Egypt, March 18, 2024. REUTERS/Mohamed Abd El Ghany/File Photo

The Central Bank of Egypt (CBE) has announced that November 2024 saw a substantial 65.4% year-over-year increase in remittances, which reached approximately $2.6 billion compared to $1.6 billion in November 2023.

In a statement released on Wednesday, the bank said there has been a remarkable rise in remittances, with Egyptians working abroad sending home $26.3 billion during the first 11 months of 2024—up from $17.9 billion in the same period of 2023. This marks an impressive growth rate of 47.1%.

The CBE attributed the significant increase in remittances to the economic reforms implemented in March 2024.

Between July and November last year, remittances grew by 77%, reaching around $13.8 billion —up from $7.8 billion in the same period of 2023.

Remittances from Egyptians abroad have long been one of Egypt’s most vital sources of foreign currency.