For quite some time, Saudi Arabia is trying to diversify its economy to reduce dependence on oil; under a plan called Vision 2030, which calls for the development of non-oil industries and broad-basing investment.
In April, Saudi labor ministry barred foreigners from working in Saudi Arabia’s numerous shopping malls. Saudi Arabia also has plans to slap an expat levy on employers, which will encourage employers to hire more Saudis than foreign workers. This will not only limit opportunities for Indian workers in Saudi but also hit their savings—expat levy will come when the country is also going to impose a 5% value-added tax.
Visa restrictions will hit the Indians hardest who form the majority of migrant workers. There are 3 million Indians, 2.5 million Pakistanis, 2.2 million Egyptians, 1.4 million Yemenis and 1.2 Bengalis in the Saudi kingdom, according to the Saudi daily Okaz.
Source Credit: The Economic Times
Read full story: http://bit.ly/2g9xrlC