Saudi: Expats welcome ‘green card’ but say questions need to be answered

Arab News
May 16, 2019

Jeddah, May 16: The Saudi Cabinet has given formal approval to the Privileged Iqama residency scheme, widely known as the Saudi “green card.”

The scheme will enable expatriates to permanently reside, own property and invest their assets in the Kingdom.

A special committee has been given 90 days to determine regulations governing the scheme, including fees for applicants, conditions and procedures, and a schedule of benefits.   

The scheme has been welcomed by expats in the Kingdom.

Lia Cidalia Da Graca Espiguinha, a 38-year-old Portugese licenced child care provider, said that the decision was “good for the country.”

“A lot of people wish to be here working, and a lot of people want to know the country better and they want to come to Saudi Arabia; so I think it is good for all,” she said. “It is good for the people that want to come and good for the country because it will bring money.”

However, Yawar Hussein, a 27-year-old software technician based in Jeddah, believes qualifying candidates should not be grouped into a single category.

“My parents came from India 35 years ago. They sacrificed a lot of their life for this country. My brothers and sisters were all born here. I can say that in many ways I feel more Saudi than Indian. I hope this ‘green card’ iqama will offer some exemptions or discounts for us expats that were born and have only ever lived in one country — the Kingdom of Saudi Arabia.”

Mohammed Abu Omar, a 47-year-old branding consultant from Yemen, believes that it is still too early to form a definite opinion, but nevertheless believes it is a step in the right direction.

“I believe it is still early, as we have no clue who will be eligible for this or not. Also, there is the question of the fees. Will this cater only to those who have large bank accounts? But overall, this is great news of course. This should have been done decades ago. God-willing, it benefits this wonderful country, because the (expat) people have a lot to offer, and the contribution will be massive. So, the way I see it, this opportunity should open up the market for hiring more local people as the demand will rise with everyone having the opportunity and right to own their own business. But these laborers are actually the majority of people who are sending money out of the Kingdom, and if this (green card) is catered to them, surely they will begin to reinvest back into the country instead.”

And while many expat workers have welcomed the news, some, such as Bangladeshi driver, Ameen Udeen, say they will be unaffected by the decision.

“This ‘Privileged Iqama’ means nothing to me as a Bangladeshi driver who makes SR2,000 a month (of which I send most back home). I haven’t heard what the fees will be but they say that it will be very costly. I’m sure that I will not be able to afford it. For me, this new iqama is not meant for us drivers, house-helpers and laborers. Surely we cannot afford the benefits given our salary,” he said.

The Saudi Shoura Council voted for a new residency permit for qualifying expatriates, the “Privileged Iqama,” giving them the right to permanently live, work and own their own business and property in the Kingdom.

The permit scheme will enable Saudi Arabia to attract investors, Commerce and Investment Minister Dr. Majid Al-Qassabi said.

Al-Qassabi noted that the scheme is similar to residential practices around the world, attracting quality residents to the Kingdom while protecting the interests of Saudi citizens.

Ibrahim Al-Omar, governor of the Saudi Arabian General Investment Authority (SAGIA), said: “Our aim is to attract innovators from across the world to live and work in Saudi Arabia — and this reform will play a significant role in doing so. These investors and entrepreneurs will help to drive private-sector growth.”

“It is important that stakeholders understand that Saudi Arabia offers significant long-term opportunities,” he said. “We want to attract people who will build a foundation and a network in Saudi Arabia, and who will play a role in the future development of the Saudi economy and benefit from the growth opportunities it presents.”

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News Network
June 12,2020

Beirut, Jun 12: Angry Lebanese protesters blocked roads across the country with burning tyres, debris and their vehicles, incensed over the local currency's depreciation by more than 25 percent in just two days.

The demonstrations from northern Akkar and Tripoli to central Zouk, the eastern Bekaa Valley, Beirut and southern Tyre and Nabatieh on Thursday were some of the most widespread in months of upheaval over a calamitous economic and financial crisis.

Protesters set ablaze a branch of the Central Bank, vandalised several private banks and clashed with security forces in several areas. At least 41 people were injured in Tripoli alone, according to the Lebanese Red Cross.

"I'm really pissed off, that's all. If politicians think they can burn our hearts like this the fire is going to reach them too," unemployed computer engineer Ali Qassem, 26, told Al Jazeera after pouring fuel onto smouldering tyres on a main Beirut thoroughfare.

Tens of thousands of Lebanese have lost jobs in the past six months and hundreds of businesses have shuttered as a dollar shortage led the Lebanese pound to slide from 1,500 to $1 last summer - where it was pegged for 23 years - to roughly 4,000 for each US dollar last month.

But the slide turned into a freefall between Wednesday and Thursday when the pound plummeted to roughly 5,000 to $1 on black markets, which have become a main source of hard currency. There was widespread speculation the rate hit 6,000 or even 7,000 pounds to the dollar, though most markets stopped trading.

Protesters began amassing on streets across the country before sunset and increased into the thousands across the country as the night fell.

Prime Minister Hassan Diab cancelled all meetings scheduled for Friday to hold an emergency cabinet session at 9:30am and another at 3pm at the presidential palace to be headed by President Michel Aoun.

The pound's collapse is the perhaps the biggest challenge yet for Diab's young cabinet, which gained confidence in February after former prime minister Saad Hariri's government was toppled by an unprecedented October uprising that had the country's economic crisis at its core.

Economy Minister Raoul Nehme told Al Jazeera that there was "disinformation" being circulated about the exchange rate on social media and said he was investigating possible currency manipulation.

"I don't understand how the exchange rate increased by so much in two days," he said.

Many protesters have pitted blame on Central Bank governor Riad Salameh, nominally in charge of  keeping the currency stable. But they have also called on the government to resign.

"If people want reform between dawn and dusk, that's not going to work, and if someone thinks they can do a better job then please come forward," Nehme said.

"But what we can't have is a power vacuum - then the exchange rate won't be 5000, it'll be a catastrophe."

'Everyone paying the price'

When protesters set a large fire in Beirut's Riad al-Solh Square, which lies at the foot of a grand Ottoman-era building that serves as the seat of government, firefighters did not intervene to extinguish it.

It later became clear why: Civil Defence told local news channel LBCI they had run out of diesel to fuel their firetrucks.

Basic imports such as fuel have been hit hard by the currency crisis, making already-weak state services increasingly feeble.

A half-dozen or so police officers with Lebanon's Internal Security Forces observed the scene unfolding in front of them in the square.

"Why do you destroy shops and things and attack us security forces - do you think we're happy? Go and f****** break that wall or go to the politicians' houses," one police officer told Al Jazeera, referring to a large concrete barrier separating protesters from the seat of government.

"In the end we are with you and we want the country to change. Don't you dare think we're happy. My salary is now worth $130," the officer said.

The currency's spectacular fall seems to have pushed many Lebanese to put common interests above their differences.

Large convoys of men on motorbikes from Shia-majority areas of southern Beirut joined the demonstrations on Thursday, though they have clashed with protesters many times before - including at a protest on Saturday.

Some chanted sectarian insults, leading to brief clashes in areas that were formerly front lines during the country's devastating 15-year civil war.

Instead, the motorbike-riding demonstrators on Thursday chanted: "Shia, Sunni, F*ck sectarianism."

"We are Shia, and Sunnis and Christian are our brothers," Hisham Houri, 39, told Al Jazeera, perched on a moped with his fiancee behind him just a few metres from a pile of burning tyres.

The blaze sent thick black smoke into the sky towards an iconic blue-domed mosque and church in downtown Beirut.

"Politicians play on these sectarian issues and sometimes succeed, but in the end, they'll fail because all the people have been hurt," he said. "The dollar isn't just worth 6,000 for Shias or for Sunnis, everyone is paying that price."

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Agencies
July 28,2020

Dubai, Jul 28: Abu Dhabi Commercial Bank (ADCB) (ADCB.AD) is letting go hundreds of employees, sources said, the latest in a round of lay-offs by regional banks as pressure mounts to cut costs amid lower oil prices and the coronavirus crisis.

The UAE’s third-biggest lender is laying off 400 employees, two sources familiar with the matter said, after it had committed to not cutting staff because of the crisis.

In a statement, a spokesman said ADCB had pursued efficiency over the last decade by managing out its lowest underachievers after regular reviews, while ensuring talent was deployed in high-growth areas, such as digital banking.

“A certain number of redundancies are therefore expected every year in the normal course of business,” the bank spokesman added.

The sources said the cuts would involve ADCB’s consumer business and several in top management were among those being let go. One source said the bank was looking to close 20 branches.

In March, ADCB had declared, “No employee will be made redundant during 2020 as a result of the COVID-19 pandemic.”

UAE banks have been hit by government measures to rein in the spread of the virus, forcing many businesses to shut temporarily.

Last week, Dubai’s largest bank, Emirates NBD, reported a slump of 58% in profits. In June, sources told Reuters the bank started a new round of hundreds of lay-offs.

In May, ADCB reported a fall of 84% in first-quarter net profit as it took impairments of $292 million on debt exposure to troubled hospital operator NMC Health and payments group Finablr.

It was a major lender, with an exposure of about $981 million, to NMC Health, which went into administration this year after months of turmoil following questions over financial reporting.

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News Network
April 11,2020

Dubai, Apr 11: The UAE has conducted over 49,000 Covid-19 tests among UAE citizens and residents, it was revealed on Friday, using state-of-the-art technology in line with the 's plans to intensify virus screening in order to bring the disease under control.

The accelerated investigative measures helped detect 370 new coronavirus cases among various nationalities, all of whom are in a stable condition and receiving the necessary care.

This took the total number of infections in the country to 3,360, according to a MoHaP statement.

The Ministry also revealed the death of two patients suffering from Covid-19. Both of the deceased were Asian nationals and had pre-existing chronic illnesses. The total number of deaths has now reached 16.

The Ministry expressed its sincere condolences to the families of the deceased and wished a speedy recovery to all patients, calling on the public to cooperate with health authorities and comply with all precautionary measures, particularly social distancing protocols, to ensure the safety and protection of the public.

The Ministry also announced the full recovery of 150 new cases after receiving the necessary treatment, taking to 418 the total of those now recovered from the virus in the UAE.

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