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FINANCIAL NEWS
Saudi to reduce foreign workers’ permits
31 May 2011
(MENAFN) Saudi Labor Minister, Adel Fekyeh, said that in order to enhance job opportunities for Saudi nationals, the Saudi government would not renew work permits of foreigners who have been working in the Kingdom for six years and above, reported Associated Press.
Fekyeh added that jobless rate in Saudi Arabia reached 10.5 percent from which the majority were Saudis, adding that increasing unemployment rate was the main reason that caused uprising in some of the region’s countries.
He also said that the majority of those who worked in the private sector were foreigners; they formed 90 percent of the sector’s labor force. Moreover, on a yearly basis, the eight million non-Saudi workers in the Kingdom sent to their countries around USD26.7 million.
It is worth noting that Saudi Arabia’s King Abdullah has pledged over USD80 billion to improve the quality of life for Saudi citizens, including job creation and new housing.
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