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[rtl]Date of release: 2018/7/11 8:42 • 202 times read[/rtl]
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(Reuters) - Saudi Arabia is witnessing an unprecedented migration of foreign workers, the largest in history, the Financial Times reported.
"Foreign workers leave Saudi Arabia at unprecedented rates," the paper quoted Ahmed Al Omran from Riyadh as saying.
"Foreign workers leave the country in large numbers, with the kingdom imposing high tariffs on foreigners and with the demise of companies suffering from a slowdown in the economy,"
says Omran, adding that more than 667,000 foreigners have left Saudi Arabia since 2017, "
For decades, foreign workers have played a vital role in Saudi Arabia's economy, accounting for about a third of the kingdom's 33 million people and more than 80 percent of private sector employment.
"Saudi Crown Prince Prince Mohammed bin Salman is trying to reduce the role of foreign workers as he seeks to reform the economy to increase the number of Saudis working in the private sector. The government has introduced a fee of $ 26.7 for foreign residents accompanying the country for a year and is expected to gradually increase to 106 Dollars per month by July 2020 ".
"A survey of the labor market in the kingdom last week revealed that Saudis still do not occupy jobs that have become vacant when foreigners leave, with unemployment rising to 12.9 percent, the highest rate, according to analysts," he said.
He says the Crown Prince's plan to modernize the kingdom and reduce its oil dependence includes creating 1.2 million jobs in the private sector and reducing unemployment to 9 percent by 2020.
The reforms come as Saudi Arabia faces a slowdown in the economy stemming from a long period of falling oil prices.
The economy grew by 1.2 percent in the first quarter of this year after falling in 2017.
Economists said they expected foreign workers to continue to leave as living costs increased as a result of government reforms.
http://alforatnews.com/modules/news/article.php?storyid=169119
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Saudi Arabia has the largest labor migration in history and high unemployment
[/rtl][rtl]Date of release: 2018/7/11 8:42 • 202 times read[/rtl]
(Reuters) - Saudi Arabia is witnessing an unprecedented migration of foreign workers, the largest in history, the Financial Times reported.
"Foreign workers leave Saudi Arabia at unprecedented rates," the paper quoted Ahmed Al Omran from Riyadh as saying.
"Foreign workers leave the country in large numbers, with the kingdom imposing high tariffs on foreigners and with the demise of companies suffering from a slowdown in the economy,"
says Omran, adding that more than 667,000 foreigners have left Saudi Arabia since 2017, "
For decades, foreign workers have played a vital role in Saudi Arabia's economy, accounting for about a third of the kingdom's 33 million people and more than 80 percent of private sector employment.
"Saudi Crown Prince Prince Mohammed bin Salman is trying to reduce the role of foreign workers as he seeks to reform the economy to increase the number of Saudis working in the private sector. The government has introduced a fee of $ 26.7 for foreign residents accompanying the country for a year and is expected to gradually increase to 106 Dollars per month by July 2020 ".
"A survey of the labor market in the kingdom last week revealed that Saudis still do not occupy jobs that have become vacant when foreigners leave, with unemployment rising to 12.9 percent, the highest rate, according to analysts," he said.
He says the Crown Prince's plan to modernize the kingdom and reduce its oil dependence includes creating 1.2 million jobs in the private sector and reducing unemployment to 9 percent by 2020.
The reforms come as Saudi Arabia faces a slowdown in the economy stemming from a long period of falling oil prices.
The economy grew by 1.2 percent in the first quarter of this year after falling in 2017.
Economists said they expected foreign workers to continue to leave as living costs increased as a result of government reforms.
http://alforatnews.com/modules/news/article.php?storyid=169119
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