Saudi labor to replace 200,000 expatriates
A Saudi production specialist, Ihsan Bohaliqah, estimated that the number of jobs, which will be occupied by local labor instead of expatriates in the next four years, will total 200,000. Over the past three decades, the Saudi authorities had invested 670 billion Saudi riyals to promote Saudi human resources, Bohaliqah noted to the Al-Hayat newspaper.
A recent study forecasts that Saudi local labor force ratio will rise from the present 35.6 percent to 46.7 percent by the end of the 6th 5-year economic plan. This projection is based on the recently growing demand for national labor force. The annual growth rate of this demand is currently estimated at 8 percent, and is expected to reduce the demand for expatriate labor by 4.2 percent annually.
A recent financial report, published by the banks operating throughout the kingdom, further estimates the total money transfers of the expatriate workers in 1999 at $13.3 billion. These transfers amounted to $15.3 billion in 1995, $14.5 billion in 1996, $13.8 billion in 1997 and $14.3 billion in 1998. — (Albawaba-MEBG)