Two-year ban proposed for expats leaving on exit visas

Two-year ban proposed for expats leaving on exit visas
Updated 02 November 2014

Two-year ban proposed for expats leaving on exit visas

Two-year ban proposed for expats leaving on exit visas

A Council of Saudi Chambers (CSC) labor market committee has put forth a recommendation banning expats who have left the country on final exit visas from returning to the Kingdom for work for a period of two years.
The recommendation, which will be submitted to higher authorities for approval, was adopted by the committee at a meeting hosted by the Asharqia Chamber.
“This recommendation was based on a similar successful measure taken by a neighboring Gulf country,” said Mansoor Al-Shethri, chairman of the committee.
“If implemented, the measure is bound to boost nationalization in the business sector,” he said.
“The recommendation is a follow-up on a previous Cabinet resolution issued in 1975 and updated in 1977, which imposes a three-year ban on expat workers who left the Kingdom in violation of their contracts.”
He added: “Another clause within the same resolution stipulates a one-year ban on workers who refused to renew their contracts with their employers.”
Al-Shethri also said that the committee discussed several other issues affecting the labor market, including the recent minimum wage implemented by the Labor Ministry, the CSC and the National Labor Committee.


Yazeed Al-Humied, head of Local Holdings Investments at the Saudi Public Investment Fund

Yazeed Al-Humied
Yazeed Al-Humied
Updated 57 min 14 sec ago

Yazeed Al-Humied, head of Local Holdings Investments at the Saudi Public Investment Fund

Yazeed Al-Humied

Yazeed Al-Humied is the newly appointed head of Local Holdings Investments at the Saudi Public Investment Fund (PIF).

From October 2016 until December 2020, he was the PIF’s chief of staff, managing the fund’s relationships and creating strategic partnerships locally and internationally.

He also managed internal institutional and investment projects to ensure they were completed on time and met quality standards and developed a governance model for PIF portfolio companies while monitoring their performance.

On top of his new role, Al-Humied will contribute to the PIF as a member of various permanent committees including those responsible for management, and portfolio company nomination.

In addition, he sits as chairman of the National Security Services Co., vice chairman of both the Samba Financial Group and the Saudi Stock Exchange (Tadawul), and is a board member of Saudia airline, the Saudi Civil Aviation Holding Co., and Saudi low-cost carrier flyadeal.

Al-Humied joined PIF as an adviser to the fund’s governor in 2015. In his one-year advisory role, he was responsible for the restructuring, strategy crafting, and posting of PIF’s reallocation to the Saudi Council of Economic and Development Affairs.

He started his career in 2004 with multinational professional services company PricewaterhouseCoopers and four years later joined the Capital Market Authority (CMA) where he headed mergers and acquisitions.

Al-Humied gained a bachelor’s degree in accounting from Riyadh’s King Saud University in 2004 and he is also an alumnus of the London Business School’s corporate finance modular program.