1.2 Million expatriates to leave Saudi Arabia in 2020 as per the study. Expatriates or Foreign workers play an important role in Saudi Arabia’s workforce and labor market. Over time, we have seen a change in more local Saudi joining the force. But still, a huge number of foreign workers came to Saudi Arabia over the years and worked in the Kingdom. More details below.
1.2 Million expatriates to leave Saudi Arabia in 2020
The study is only projections but it is expected due to several current scenarios. Jadwa Investment Company published these projections. According to the report, the sectors which will see the drastic change includes:
- Food Services
- Rental and Lease Services
- Travel Agencies
- and Security, Building services, etc.
The unemployment rate will not see any drastic change for locals/Saudis in 2020 or by the end of the year. The current epidemic has already shown its impact but some hospitality business will not see much income until the end of the year. This includes tourism, hotels, travel, and entertainment sectors. The restaurant has also seen an impact due to restrictions on dining or social distancing restrictions.
However, the report mentions that the business environment will see improvement in the second half of 2020. This is due to the restrictions and lockdown ease phased approach. Saudis will be replacing foreign workers and the number of locals will increase in the workforce. There is still an indication of reduction in number of visas for expatriate workers, where the requirement can be fulfilled by locals.
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