Saudi Arabia calls for equitable climate financing at UNHRC    NCM Forecast: Dust storms expected across Saudi Arabia until next week    SR200,000 fine for Saudi and Egyptian in cover-up case    PIF assets soar to $1.15 trillion in 2024    Saudi Arabia advances 14 places to 13th rank in IPR Enforcement Index globally    Hundreds of families displaced by wave of Israeli air strikes on Gaza, witnesses say    Republican Senator Thom Tillis to leave Congress after clash with Trump    Car bomb attack in Pakistan kills at least 13 soldiers    One of Hong Kong's last major pro-democracy parties disbands    Saudi Arabia imposes final anti-dumping duties on imports of steel pipes from China and Taiwan    Iranian Army Chief calls Saudi Defense Minister to discuss regional stability    Saudi Arabia's net FDI jumps 44% to SR22 billion in Q1 2025    Historic Jeddah's visual identity re-imagined through global art installations at Al-Arbaeen Lagoon    Saudi Arabia exit Gold Cup after quarterfinal defeat to Mexico    Al Hilal land in Orlando ahead of Club World Cup clash with Manchester City    Cristiano Ronaldo says the past is over and this season will be Al Nassr's    Al Hilal suffer injury blows ahead of Club World Cup match with Manchester City    Brad Pitt's Los Angeles home 'ransacked', police say    Tehran Symphony Orchestra holds free concert to honor Iranians killed in conflict with Israel    49% of Saudi internet users spend 7 hours a day online    Sholay: Bollywood epic roars back to big screen after 50 years with new ending    Ministry launches online booking for slaughterhouses on eve of Eid Al-Adha    Shah Rukh Khan makes Met Gala debut in Sabyasachi    Pakistani star's Bollywood return excites fans and riles far right    Exotic Taif Roses Simulation Performed at Taif Rose Festival    Asian shares mixed Tuesday    Weather Forecast for Tuesday    Saudi Tourism Authority Participates in Arabian Travel Market Exhibition in Dubai    Minister of Industry Announces 50 Investment Opportunities Worth over SAR 96 Billion in Machinery, Equipment Sector    HRH Crown Prince Offers Condolences to Crown Prince of Kuwait on Death of Sheikh Fawaz Salman Abdullah Al-Ali Al-Malek Al-Sabah    HRH Crown Prince Congratulates Santiago Peña on Winning Presidential Election in Paraguay    SDAIA Launches 1st Phase of 'Elevate Program' to Train 1,000 Women on Data, AI    41 Saudi Citizens and 171 Others from Brotherly and Friendly Countries Arrive in Saudi Arabia from Sudan    Saudi Arabia Hosts 1st Meeting of Arab Authorities Controlling Medicines    General Directorate of Narcotics Control Foils Attempt to Smuggle over 5 Million Amphetamine Pills    NAVI Javelins Crowned as Champions of Women's Counter-Strike: Global Offensive (CS:GO) Competitions    Saudi Karate Team Wins Four Medals in World Youth League Championship    Third Edition of FIFA Forward Program Kicks off in Riyadh    Evacuated from Sudan, 187 Nationals from Several Countries Arrive in Jeddah    SPA Documents Thajjud Prayer at Prophet's Mosque in Madinah    SFDA Recommends to Test Blood Sugar at Home Two or Three Hours after Meals    SFDA Offers Various Recommendations for Safe Food Frying    SFDA Provides Five Tips for Using Home Blood Pressure Monitor    SFDA: Instant Soup Contains Large Amounts of Salt    Mawani: New shipping service to connect Jubail Commercial Port to 11 global ports    Custodian of the Two Holy Mosques Delivers Speech to Pilgrims, Citizens, Residents and Muslims around the World    Sheikh Al-Issa in Arafah's Sermon: Allaah Blessed You by Making It Easy for You to Carry out This Obligation. Thus, Ensure Following the Guidance of Your Prophet    Custodian of the Two Holy Mosques addresses citizens and all Muslims on the occasion of the Holy month of Ramadan    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



Experts: Citizens to blame for jump in expat remittances
Published in The Saudi Gazette on 05 - 01 - 2014


Adel Babkair
Okaz/Saudi Gazette


JEDDAH — Remittances by expatriate workers in the Kingdom reached SR129 billion a year, according to Minister of Economy and Planning Muhammad Al-Jasser.
To find out the reasons behind the recent jump in remittances by expatriate workers, Okaz/Saudi Gazette spoke to a number of experts who gave their opinions on what can be done to encourage expatriates to invest their money in the national economy instead of sending their earnings abroad.
Economic consultant and member of the committee for consultancy offices and economic studies at the Jeddah Chamber of Commerce and Industry (JCCI) Ahmed Abdulaziz Al-Hamdan said the rectification of the status of expatriate workers has contributed greatly to the increase of remittances because a large percentage of these expatriates had invested huge amounts in coverup (tasattur) business operations.
“When the rectification period started, they had no choice but to repatriate their capital back home. One solution to address the problem of capital flight is to ask all expatriates to open bank accounts as their remittances can be monitored closely by the authorities and sources of the money will no longer be hidden,” he said.
Al-Hamdan alleged that many expatriates come to the Kingdom on work visas and after a short while they start businesses and become employers, instead of workers.
“If we study the issue meticulously, we will find that the majority of grocery stores, polyclinics and services shops have Saudi nationals as owners but they are actually run by expatriates who pay a fixed amount to the Saudi owners,” he said.
Economist Hamad Al-Battal said remittances by expatriate workers are a result of the developmental work they carry out. He added that rectification period caused panic among expatriates, forcing them to repatriate all their savings back home as a precautionary measure in the event that they are caught and deported.
“Citizens play a role in the increase of remittances because many do not want to work and instead allow expatriates to use their names to run tasattur businesses,” he said.


Clic here to read the story from its source.