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Nitaqat cleanup: 2 million face ax

March 24, 2013

Nitaqat

Jeddah, Mar 24: At least 2 million expatriates may lose their jobs or leave the Kingdom shortly as about 250,000 small and medium enterprises will be listed in the Red category of the Labor Ministry’s Nitaqat system on Wednesday.

“About 250,000 trade, industrial and service firms have been given warning that their work permits would not be renewed because they have so far failed to employ at least one Saudi,” Al-Yaum reported yesterday quoting a high-level Labor Ministry source.

The deadline given to these SMEs to correct their situation ends Wednesday. The ministry had asked these firms to employ at least one Saudi to change their status and receive the ministry’s various services.

The source said the ministry would not renew work permits of employees in Red category firms and as a result their iqamas would not be renewed. According to a new law passed by the Cabinet, such iqama violators will be arrested and deported by the Interior Ministry.

The source said the ministry would provide regional governorates a list of SMEs that have so far failed to employ Saudis to take punitive action.

About a month ago, there were 340,000 firms without even a single Saudi working there. These firms have been given a deadline to correct their situation by March 27.

Saudi Arabia has deported more than 200,000 foreigners staying illegally in the country in four months, Passport Department officials said. The deportees included people who were smuggled into the country and expatriates who did not regularize their stay or were not allowed to renew their resident permits.

A majority of 250,000 firms in the Kingdom are involved in illegal cover-up businesses. The new law passed by the Cabinet targets such businesses and those involved in such activities would be punished.

“What is happening in Saudi Arabia now is a cleaning operation,” said Usman Irumpuzhi, an Indian journalist based in Jeddah. “This is a move against illegal workers and businesses, not against expatriates. The companies in the Premium and Green categories are still allowed to recruit foreign workers,” he told Arab News.

He said many Indians have already left the Kingdom on exit only visas because of the new regulations. “According to some sources, at least 100 Indians are leaving Jeddah every day on exit-only visas. This will definitely create a shortage in the number of workers and prices of goods and services will go up,” he added.

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News Network
May 10,2020

Dubai, May 10: Kuwait will enact a "total curfew" from 4pm (1300 GMT) on Sunday through to May 30 to help to curb the spread of the new coronavirus, the Information Ministry said on Twitter on Friday.

Further details of the curfew will be announced soon, it said.

Kuwait on April 20 expanded a nationwide curfew to 16 hours a day, from 4pm to 8am, and extended a suspension of work in the public sector, including government ministries, until May 31.

On Friday the Gulf state announced 641 new coronavirus cases and three deaths, bringing its total number of confirmed cases to 7,208, with 47 deaths.

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Agencies
August 4,2020

Beirut, Aug 4: A massive explosion has shaken the Lebanese capital of Beirut, with a very high number of casualties expected.

A warehouse at the Beirut Port caught fire on Tuesday afternoon, triggering a huge explosion, Lebanon’s official National News Agency (NNA) reported.

Several smaller explosions were heard before the bigger one occurred.

Abbas Ibrahim, the head of Lebanon’s General Security, said that “highly explosive materials” confiscated earlier had been stored at the site.

Footage shared on social media captured the moment of the bigger explosion, with a colossal shock wave seen traveling fast across several hundreds of meters and shrouding the area in thick smoke.

The blast left enormous material damage to the surrounding buildings and structures. But it was not immediately known how big an area was affected.

There was also no immediate casualty count. Graphic amateur video from the scene showed bodies strewn on the ground, with their clothes blown off.

The NNA said rescue operations were underway. Ambulances were seen heading toward the scene in central Beirut.

Lebanese LBC television channel quoted Lebanon’s Health Minister Hamad Hasan as saying that the blast had caused a “very high number of injuries” and “extensive damage.”

Beirut Governor Marwan Abboud said an unspecified number of firefighters dispatched to extinguish the initial fire had been killed in the explosion.

“As they were putting out the fire, the explosion took place and we’ve [lost them],” he said, breaking down on live TV.

The explosion comes at a time when the Arab country is passing through its worst economic and financial crisis in decades, and amid rising tensions with Israel.

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News Network
January 12,2020

Dubai, Jan 12: Saudi Arabian oil giant Aramco announced Sunday that its initial public offering raised a record $29.4 billion, a figure higher than previously announced, after the company used a so-called "greenshoe option" to sell millions more shares to meet investor demand.

The company said that the sale of an additional 450 million shares took place during the initial public offering process.

The oil and gas company, which is majority owned by the state, began publicly trading on the local Saudi Tadawul exchange on December 11. It hit hit upwards of $10 a share on the second day of trading. This gave Aramco a market capitalization of $2 trillion, making it comfortably the world's most valuable company.

Aramco's additional sales mean the company has publicly floated 1.7% of its shares. It's IPO, even before the added sales, was the world's largest ever.

The shares sold in the over-allotment option "had been allocated to investors during the book-building process and therefore, no additional shares are being offered into the market today," Aramco said.

Company shares traded down on Sunday, dipping to around 34.7 riyals, or $9.25 a share, amid heightened tensions in the Persian Gulf between Iran and the United States. Aramco was a target of rising tensions over the summer when a missile and drone attack, which Saudi Arabia and the US blame on Iran, temporarily halved its production.

Sunday's trading figures value Aramco at $1.85 trillion, still well ahead of Apple, the second largest company in the world after Aramco, but below the $2 trillion mark sought by Crown Prince Mohammed bin Salman.

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