RIYADH: Economic experts have attributed the fall in remittances made by foreign workers in the Kingdom to lower economic growth and the suspension of some government projects, among other factors.
Foreigners working in the Kingdom sent home SR10.77 billion ($2.87 billion) in February 2017, 15 percent less than the same time last year, according to data released by the Saudi Arabian Monetary Authority (SAMA).
Remittances made by Saudis fell to SR4.13 billion in February, 30 percent lower than the same period last year, the SAMA report said.
Experts said the drop of remittances made by foreign workers could be attributed to a decline in economic growth, a drop in activities of small-and medium-sized enterprise (SMEs) and the slowdown seen in several business sectors.
Such factors led to the service termination of some foreign workers, driving some to work in the black market, according to Dr. Fahd bin Jumaa, Shoura Council member and economic expert.
When foreign workers are laid off, cases of concealment increase, and a bigger proportion of salaries are remitted through unofficial means rather than banks, Jumaa told local media.
The economic expert said this hidden economy has a negative impact on the Kingdom’s gross domestic product (GDP).
Economic expert Yasir Al-Mazid attributed the decline in foreign remittances to many factors including the suspension of some government projects.
This has led to a drop in the foreign workforce, a consequent fall in the volume of regular remittances, and a boost in the amount of money sent abroad via non-official channels, he said.
The economic expert said government controls have to be activated to monitor channels undertaking remittance operations illegally and enabling foreign workers to smuggle money out of the Kingdom.
Economy, project suspensions ‘hit Saudi expat remittances’
Economy, project suspensions ‘hit Saudi expat remittances’
Saudi Arabia condemns blast that hit mosque in Alawite area of Syria’s Homs
- Homs’s press office said an explosive device had detonated inside the Imam Ali bin Abi Talib mosque and that security forces had cordoned off the area
RIYADH: Saudi Arabia condemned an explosion at a mosque of the Alawite minority sect in the Syrian city of Homs on Friday that killed eight people.
The city’s press office said an explosive device had detonated inside the Imam Ali bin Abi Talib mosque and that security forces had cordoned off the area.
Syrian news agency SANA cited health ministry official Najib Al-Naasan as saying 18 others were wounded and that the figures were not final, indicating they could rise.
Extremist Syrian group Saraya Ansar Al-Sunnah said on its Telegram channels that it carried out the attack. The group previously claimed responsibility for a suicide bombing at a Damascus church in June that killed 20 people.
In a statement, the Foreign Ministry said: “The Kingdom affirms its categorical rejection of terrorism, extremism, targeting of mosques and places of worship, and terrorizing innocent people. It expresses its solidarity with Syria in this great tragedy, and its support for the Syrian government’s efforts to establish security and stability.”
The statement extended the Kingdom’s condolences to the families of the victims and to the government and people of Syria. It also wished the injured a speedy recovery.
