• Home
  • News
    • People moves
    • Africa
    • Asia
    • Australia
    • Canada
    • Caribbean
    • Domicile
    • Europe
    • Latin America
    • North America
    • Middle East
    • US
    • US
    • UK
  • Products
    • Funds
    • Pensions
    • Platforms
    • Insurance
    • Investments
    • Private Banking
    • Citizenship
    • Taxation
  • Fintech
  • Regulation
  • ESG
  • Expats
  • In Depth
  • Special Reports
  • Directory
  • Video
  • Advertise with us
  • Directory
  • Events
  • European Fund Selector
  • Newsletters
  • Follow us
    • Twitter
    • LinkedIn
    • Newsletters
  • Advertise with us
  • Directory
  • Events
    • Upcoming events
      View all events
  • European Fund Selector
International Investment
International Investment

Sponsored by

Sharing Alpha
  • Home
  • News
  • Products
  • Fintech
  • Regulation
  • ESG
  • Expats
  • In Depth
  • Special Reports
  • Video
  • Regulation

1.9 million expats quit Saudi Arabia citing high fees and sluggish growth

1.9 million expats quit Saudi Arabia citing high fees and sluggish growth
  • Christopher Copper-Ind
  • @intlinvestment
  • 20 September 2019
  • Tweet  
  • Facebook  
  • LinkedIn  
  • Send to  

More than 1.9 million expatriates have left Saudi Arabia since the start of 2017, according to a report released yesterday. A further 132,000 are estimated to have left the labour market during 2Q 2019.

The labour market report, published by Riyadh-based Jadwa Investments, reveals a 22% drop in the number foreigners working in Saudi Arabia over the past two years. Foreigners make up around a third of the total Saudi population of 33 million, and continue to play a vital role in the kingdom's economy.

Related articles

  • Saudi Arabia has $3.1bn plan to ease expat fee hikes
  • Saudi Arabia deports over 730,000 illegal expats in 17 months
  • Saudi Arabia mulls freeze on expat fees for 2020
  • Saudi Arabia offers expats permanent residency for $213,000

The data showed that the total number of expats in the Saudi labor market declined by around 1.9 million since the start of 2017, with around 132 thousand workers leaving the market during Q2 2019. 

Overall unemployment in the kingdom fell to 12.3%, a slight decrease from 12.5% in the 1Q 2019. The Saudi economy has struggled in recent years to cope with a persistently low oil price. The economy contracted by 0.7% in 2017, before growing again at a modest 2.3% in 2018.

Expat expectations
In 2017, the government in Riyadh introduced a monthly fee on dependants of expatriates starting at 100 riyals ($26.7) and rising to 400 riyals ($107) per dependant by next year.

In addition, and as part of a wider effort to increase the proportion of Saudi nationals in the workplace, authorities now force companies that employ more foreigners than nationals to pay a fee of around 400 riyals per worker, rising to 800 riyals by the end of this year.

Crown Prince Mohammed bin Salman is hoping to wean the country of a long-standing dependence on hydrocarbons, and expand the Saudi private sector. Earier this year, his government introduced a permanent residency programme designed to attract foreign investment to the Kingdom at a price of $213,000 per application.

The full report from Jadwa Investments is available to read here.

Subscribe to International Investment's free, twice-daily, newsletter

  • Tweet  
  • Facebook  
  • LinkedIn  
  • Send to  
  • Topics
  • Regulation
  • Jadwa Investments
  • Saudi Arabia
  • Riyadh
  • Expat
  • Middle East

More on Regulation

FCA warns pandemic puts 4,000 financial firms at risk of failing

  • Regulation
  • 07 January 2021
FCA slaps Charles Schwab UK with £9m fine over compliance failures

  • Regulation
  • 21 December 2020
FATF removes Bahamas from 'increased monitoring' list

  • Regulation
  • 21 December 2020
FCA orders Blue Gate Capital to pay Connaught investors £200k

  • Regulation
  • 18 December 2020
Feature: How Labuan IBFC stayed on track throughout the pandemic

  • Regulation
  • 18 December 2020
Back to Top

Most read

FCA issues warning on cyrptocurrencies as Bitcoin volatility continues
FCA issues warning on cyrptocurrencies as Bitcoin volatility continues
FCA warns pandemic puts 4,000 financial firms at risk of failing
FCA warns pandemic puts 4,000 financial firms at risk of failing
Australian expats warned of tax bills on return post-pandemic
Australian expats warned of tax bills on return post-pandemic
DeVere launches equity fund with Columbia Threadneedle Investments
DeVere launches equity fund with Columbia Threadneedle Investments
Guardian WM is reborn as Skybound WM
Guardian WM is reborn as Skybound WM
  • Contact Us
  • Marketing solutions
  • About Incisive Media
  • Terms and conditions
  • Policies
  • Careers
  • Twitter
  • LinkedIn
  • Newsletters

© Incisive Business Media (IP) Limited, Published by Incisive Business Media Limited, New London House, 172 Drury Lane, London WC2B 5QR, registered in England and Wales with company registration numbers 09177174 & 09178013

Digital publisher of the year
Digital publisher of the year 2010, 2013, 2016 & 2017
Loading