Expats' remittances poised to fall 20% in wake of campaign

Updated 10 November 2013
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Expats' remittances poised to fall 20% in wake of campaign

Outbound remittances of expatriates are poised to fall by more than 20 percent in the wake of crackdowns on illegal workers being jointly carried out by the Ministries of Labor and Interior, bankers and economists told local media.
The remittances will come down to SR95 billion in the next few years compared to more than SR120 billion in past years, banker Fadl Abu Ainain said.
He said the downtrend in the volume of money transfer is linked to two conditions.
First, the Ministry of Labor does not make new (foreign) recruits to compensate the deported foreign work force, and second, there should be strict control on enterprises involved in coverup businesses in different parts of the Kingdom, which is part of the “hidden” economy.
He said nearly 35 percent of small and medium enterprises (SMEs) were closed in the aftermath of the correction campaign, as most coverup business cases fall within this sector. Fortunately, this will allow national cadres to work in the closed businesses and keep funds in the country, he said.
The banker called for stricter measures and penalties against illegals without any exceptions adding that price hikes and increased labor wages will be for a limited period.
Abdulrahman Al-Qahtani, an investor in SME projects, said a limited segment of this sector stopped working weeks ago, but reopened with new workers under owners’ sponsorships.
He ruled out any price hikes due to the stoppage of some of those businesses as their number is still surpassing demand in certain services such as laundries, barbershops, eateries and bakeries.
The expat remittances generated from such businesses were high because most of them were run by coverup laborers who made no less than SR30,000 per month, he said.
Former Shoura Council member and head of Economic Studies Center, Abdulaziz Al-Daghestani, said the correction campaigns would have positive results in the long-term though there was some confusion in certain business.
He stressed the importance of strict abidance by laws during the post-correction period.


Riyadh to host forum to observe World Heritage Day next year

Riyadh hosts the sixth National Urban Heritage Forum in April with its focus on investment opportunities in the urban heritage. (Reuters)
Updated 19 October 2018
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Riyadh to host forum to observe World Heritage Day next year

  • Forum will encourage private investment to capitalize on the country’s rich urban heritage
  • Saudi Commission for Tourism and National Heritage hosts the forum each year in a different part of the Kingdom

RIYADH: The Saudi capital will host the sixth National Urban Heritage Forum (NUHF) next April to coincide with World Heritage Day, with its focus on investment opportunities in urban heritage.

“The four-day National Built Heritage Forum will be launched in Riyadh on April 15,” said Majed Alshadeed, a spokesman for the Saudi Commission for Tourism and National Heritage (SCTH), on Thursday, adding that the forum will culminate on April 18, World Heritage Day. World Heritage Day is celebrated every year on April 18 with the aim of preserving the human heritage and recognizing the efforts of the relevant organizations in the field.

Organized by SCTH under the umbrella of the Custodian of the Two Holy Mosques Cultural Heritage Program, the 6th forum will encourage private investment to capitalize on the country’s rich urban heritage.

The forum will look at developing business models in the management and development of — and investment in — urban heritage sites, as well as the development of crafts and handicrafts.

The heritage forum is organized each year by the SCTH in a different province in collaboration with the relevant governorates, municipalities and local universities, following the recommendations of the first International Conference for Urban Heritage in the Islamic Countries, which was held in Riyadh in 2010.

The first session of the NUHF was organized in Makkah province, the second in the Eastern Province, the third in Madinah province, the fourth in Asir province and the fifth in Al-Qassim province.

Next year’s forum seeks to invest the expertise, knowledge and experience that the SCTH has gained and transfer it to the four economic sectors working in urban heritage. These sectors are construction, restoration and contracting, site operation, human resources development, and services and industries related to urban heritage.

The forum will include the distribution of prizes to the projects winning the Prince Sultan bin Salman Urban Heritage Awards, exhibitions, scientific sessions, workshops and business meetings with Saudi and international experts and consultants to discuss investment opportunities in urban heritage. There will also be a specialized expo for companies and institutions working in the sectors of the economics of architectural heritage, restoration and engineering consultancy.