Banks can’t cut loan installment from employee bonus — SAMA

February 6, 2015

Jeddah, Feb 6: The Saudi Arabian Monetary Agency (SAMA) has ordered all Saudi banks not to touch the two-month salary bonus granted by Custodian of the Two Holy Mosques King Salman to all Saudi government and military employees, retirees and students.

Saudi Arabian

According to Talat Hafiz, secretary-general of Media and Banking Awareness Committee of Saudi Banks, this procedure will protect Saudis who are eligible to take advantage of the royal decree, but have been required to pay bank loans.

“SAMA’s instructions are clear to all Saudi banks. There are several Saudi state employees who are required to pay bank loans. At the same time, the two-month bonus is considered a gift from King Salman to Saudis and banks do not have the right to deduct anything from these benefits,” Hafiz told Arab News.

Most Saudis prefer to work in a limited number of major Saudi companies, such as Saudi Aramco, SABIC and other large national employers that have a good reputation with local banks, making it easier for employees at these companies to secure loans.

Meanwhile, Finance Minister Ibrahim Al-Assaf on Wednesday informed all government departments that his ministry has started providing them with additional funds to implement the royal decree.

Al-Assaf also instructed the ministries and departments to pay the two-month bonus to all the retirees including those who have been allowed to take long leave because of pregnancy or disease.

“The bonus shall be paid on the basis of the latest basic salary while the two-month stipend shall be given to only students of government universities and colleges,” he said.

Referring to government employees who pursue higher studies abroad on scholarship, Al-Assaf said they would be treated like scholarship students in foreign countries and paid only two-month remuneration. He also instructed ministries to avoid double payment. “The bonus payment should not be linked with the timing of the payment of usual salary,” the minister said.

The total bonus for government employees, retirees and students would amount to SR110 billion.

Fadiya Al-Fawaz, an expert in social responsibility programs, said major Saudi companies would cut down their allocations for their CSR programs in 2015 as a result of the payment of bonus. She said fall in oil prices would also affect CSR programs for social welfare this year.

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News Network
May 3,2020

Dubai, May 3: Over 150,000 Indians in the UAE, who wish to return home amid the coronavirus lockdown, have applied through the online registration process to the Indian missions here, according to media reports.

The Indian missions in the country last week opened online registration for the expatriates who wish to fly back home after getting stuck in the country amidst the lockdown due to the coronavirus pandemic.

As of 6 pm on Saturday, we received more than 150,000 registrations, Consul General of India in Dubai Vipul told the Gulf News on Saturday.

A quarter of them want to return to their homeland after losing their jobs, he said.

According to a report in the Khaleej Times on Sunday, about 40 per cent of the applicants who have registered are blue-collared workers and 20 per cent are working professionals.

"Roughly 20 per cent have suffered job losses and about 55 per cent of the total applicants are from Kerala," Neeraj Aggarwal, Consul, Press, Information, Culture was quoted as saying in the report.

Aggarwal said that the figures would change as they are expecting registrations from workers from other states, including Telangana, Uttar Pradesh, and Bihar.

About 10 per cent of the applicants are visit and tourist visa holders who got stranded here due to the ongoing lockdown in India.

India extended the ongoing lockdown by two weeks from May 4 to contain the spread of the coronavirus that has affected nearly 40,000 people in the country.

Aggarwal said that a small number of the applications constitute those from pregnant women and other medical cases.

Since the online registration process was launched, the Consulate's website crashed several times due to the heavy rush of applicants wishing to register to fly back home.

The site has been working fine now though it took a lot of time for it to stabilise in the initial phase due to the heavy traffic, the counsel general said.

He said that the missions here have not yet received any information from the Indian government about the mode of transport of the stranded citizens, the prices of the tickets or how the COVID-19 test results of applicants would be assessed for their journey.

There are high-level discussions going on regarding these things, he said in the report.

Meanwhile, Norka (The Non Resident Keralites Affairs) said it has received a total of 398,000 applications from Keralites across the globe who wish to return home.

"Of which, the highest numbers are from the UAE. At least 175,423 applicants have signed up from the UAE," Norka said in an official statement on Saturday.

It also received 54,305 registrations from Saudi Arabia, 2,437 from the UK, 2,255 from the US, and 1,958 from Ukraine from those who wish to return to India, the Khaleej Times reported.

The coronavirus has infected 13,599 people and claimed 119 lives in the UAE, the Ministry of Health and Prevention said on Saturday.

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News Network
July 23,2020

Beirut, Jul 23: The pandemic will exact a heavy toll on Arab countries, causing an economic contraction of 5.7% this year, pushing millions into poverty and compounding the suffering of those affected by armed conflict, a U.N. report said Thursday.

The U.N.'s Economic and Social Commission for Western Asia expects some Arab economies to shrink by up to 13%, amounting to an overall loss for the region of $152 billion.

Another 14.3 million people are expected to be pushed into poverty, raising the total number to 115 million — a quarter of the total Arab population, it said. More than 55 million people in the region relied on humanitarian aid before the COVID-19 crisis, including 26 million who were forcibly displaced.

Arab countries moved quickly to contain the virus in March by imposing stay-at-home orders, restricting travel and banning large gatherings, including religious pilgrimages.

Arab countries as a whole have reported more than 830,000 cases and at least 14,717 deaths. That equates to an infection rate of 1.9 per 1,000 people and 17.6 deaths per 1,000 cases, less than half the global average of 42.6 deaths, according to the U.N.

But the restrictions exacted a heavy economic toll, and authorities have been forced to ease them in recent weeks. That has led to a surge in cases in some countries, including Lebanon, Iraq and the Palestinian territories.

Wealthy Gulf countries were hit by the pandemic at a time of low oil prices, putting added strain on already overstretched budgets. Middle-income countries like Jordan and Egypt have seen tourism vanish overnight and a drop in remittances from citizens working abroad.

War-torn Libya and Syria have thus far reported relatively small outbreaks. But in Yemen, where five years of civil war had already generated the world's worst humanitarian crisis, the virus is running rampant in the government-controlled south while rebels in the north conceal its toll.

Rola Dashti, the head of the U.N. commission, said Arab countries need to “turn this crisis into an opportunity” and address longstanding issues, including weak public institutions, economic inequality and over-reliance on fossil fuels.

“We need to invest in survival, survival of people and survival of businesses,” she said.

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News Network
April 16,2020

Dubai, Apr 16: Saudi Arabia reported 518 new cases of coronavirus, bringing the total number of infections in the country to 6380, the Ministry of Health announced on Thursday.

According to the ministry of health, the number of recoveries today were 59, making total of recoveries in the kingdom 990, with 71 critical cases in intensive care.

The ministry also confirmed 4 deaths, bringing the total number of deaths in the kingdom to 83.

Saudi Arabia imposed a 24-hour curfew and lockdown on the cities of Riyadh, Tabuk, Dammam, Dhahran and Hofuf and throughout the governorates of Jeddah, Taif, Qatif and Khobar. This week the curfew was extended until further notice by king Salman

Overall, Saudi Arabia has reported one of the lowest rates of infections in the region, with around 6000 cases in a population of over 30 million.

Private sector support

Saudi Arabia has allocated SR50 billion (Dhs49 billion)to support the private sector as part of its package of initiatives approved by King Salman on Wednesday aimed at mitigating economic repercussions from the coronavirus disease (COVID-19).

The package targets small and medium-sized enterprises (SMEs) and economic activities that have been most affected by the pandemic.

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