Posts Tagged ‘Saudi Arabia’

Saudi Arabia has turned heads recently with a proposed cap on expat money transfers. Expats send the majority of their money out of the country, which officials say hurts the non-oil economy and keeps local unemployment high. The proposed transfer limit has sparked heated discussion not only among expats, but also Saudi businessmen and officials. […]

Expats send an extraordinary amount of money out of Saudi Arabia each year–the equivalent of USD 7.1 billion in the second quarter of 2010 alone. As a result, the country may try to limit the amount of money expats can send home. Take data from a recent survey. It found 74% of expats in […]

Saudi Arabia’s Minister has announced the country will limit the amount of money expats can send out of the country, according to a report by Eman El-Shenawi in Al Arabiya. New regulations will require expats keep the bulk of their money in Saudi Arabia. The measure is aimed at boosting Saudi Arabia’s economy and lowering […]

Expats in Saudi Arabia face the prospect of frozen bank accounts as the Kingdom tightens up its immigration laws, reported Arabian’s Elizabeth Broomhall: Foreign workers, whose bank accounts are frozen during visa renewals, fear rules aimed at forcing private sector firms to increase their quota of Saudi employees will leave them unemployed, unable to […]

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