Foreign workers prepare to break their fast outside the Imam Turki bin Abdullah mosque in the Saudi capital Riyadh during Islam's holy month of Ramadan last year.
Foreign workers prepare to break their fast outside the Imam Turki bin Abdullah mosque in the Saudi capital Riyadh during Islam's holy month of Ramadan last year.

Saudi workers scramble before amnesty deadline



RIYADH // Illegal foreign workers in Saudi Arabia are in a race against time to take advantage of an amnesty ending tomorrow that would allow them to stay or return home without prosecution.

King Abdullah announced the amnesty on April 3, granting foreign workers three months to regularise their residency or leave the country to avoid being blacklisted or jailed and fined.

More than 1.5 million illegal foreign workers came forward during the first two months of the amnesty, the labour ministry said.

It did not say how many illegal foreign workers currently live in the kingdom, but the number is reported to be about two million.

Of these, about 180,000 have left and more than 200,000 unregistered workers were expelled at the start of the year under new regulations to stamp out illegal immigration.

Many workers are still queuing outside their embassies to obtain documents to either leave Saudi Arabia or legalise their status.

As in most Arabian Gulf states, foreigners in Saudi Arabia need to be sponsored by a local business to obtain entry and work permits.

Foreigners desperate to work in the country are willing to pay for sponsorship, and sponsoring expatriates has become a lucrative business for some Saudis.

But under the new rules, workers can be employed only by their own sponsors.

Sharon, a Filipina maid, stood queuing in the summer heat outside her country's embassy in Riyadh.

"I'm trying to renew my passport as I am desperate to find an employer to sponsor me and keep me in the kingdom," she said.

"I've provided fingerprints and obtained a travel document, in case I don't get my passport ready in time," the 38-year-old said.

But 25-year-old Anne, also from the Philippines, was concerned.

"I have a travel document in hand, but I cannot find a seat on a flight to Manila. I am anxious to be with my daughter, who I haven't seen in four years, and hold her in my arms," she told AFP.

In Jeddah, the commercial capital, an Indonesian worker, Ali Rahman, stood outside Jakarta's consulate, desperately waiting to finalise his documents.

"I've lost hope unless the amnesty is extended to after July 3," he said.

"There are still hundreds of us waiting here for consular formalities. And once completed, the paperwork has to go to the immigration authorities and the labour ministry."

Saudi Arabia is a destination for roughly eight million migrant workers. Most of them are from India, Bangladesh, Pakistan and Indonesia, but some come from Yemen and Egypt as well.

They are fearful of the campaign of arrests promised by authorities once the amnesty expires.

The new labour ministry regulations aim to reduce the number of foreign workers to create jobs for millions of unemployed Saudi nationals.

Although the country has the largest Arab economy, its unemployment rate is above 12.5 per cent.

Saudi Arabia has warned employers who continue to shelter illegal workers that they risk up to two years in prison.

An economic analyst, Fadhl Al Bouainain, said the move would benefit Saudis and foreign workers.

"This will help reorganise the labour market to promote the work of Saudis and protect foreign workers from the abuse of sponsors," he said.

However, he warned that the massive departure of tens of thousands of workers will "negatively effect business", pointing out that some sectors, including construction, "are not attractive for Saudis" who want better paid positions.

He said the labour ministry should reduce by "at least 30 per cent the number of workers in the kingdom, if the campaign is to be successful".

Another expert, Abdul Wahab Abu Dahesh, was more sceptical of the amnesty's touted benefits.

"As foreigners do more low-paid jobs, replacing them with Saudis will not be quick and the effect on the national economy will take some time."

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From Zero

Artist: Linkin Park

Label: Warner Records

Number of tracks: 11

Rating: 4/5

The Sand Castle

Director: Matty Brown

Stars: Nadine Labaki, Ziad Bakri, Zain Al Rafeea, Riman Al Rafeea

Rating: 2.5/5

COMPANY PROFILE
Name: Airev
Started: September 2023
Founder: Muhammad Khalid
Based: Abu Dhabi
Sector: Generative AI
Initial investment: Undisclosed
Investment stage: Series A
Investors: Core42
Current number of staff: 47
 
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Electoral College Victory

Trump has so far secured 295 Electoral College votes, according to the Associated Press, exceeding the 270 needed to win. Only Nevada and Arizona remain to be called, and both swing states are leaning Republican. Trump swept all five remaining swing states, North Carolina, Georgia, Pennsylvania, Michigan and Wisconsin, sealing his path to victory and giving him a strong mandate. 

 

Popular Vote Tally

The count is ongoing, but Trump currently leads with nearly 51 per cent of the popular vote to Harris’s 47.6 per cent. Trump has over 72.2 million votes, while Harris trails with approximately 67.4 million.

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Sector: Sustainability
Total funding: Self funded
Number of employees: 4
The lowdown

Badla

Rating: 2.5/5

Produced by: Red Chillies, Azure Entertainment 

Director: Sujoy Ghosh

Cast: Amitabh Bachchan, Taapsee Pannu, Amrita Singh, Tony Luke

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Where to stay: Courtyard by Marriott Titusville Kennedy Space Centre has unparalleled views of the Indian River. Alligators can be spotted from hotel room balconies, as can several rocket launch sites. The hotel also boasts cool space-themed decor.

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How to get there: Emirates currently flies from Dubai to Orlando five times a week.
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Director: Alfonso Cuaron 

Stars: Cate Blanchett, Kevin Kline, Lesley Manville 

Rating: 4/5

Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.

Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.

Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.

Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.

“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.

Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.

From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.

Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.

BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.

Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.

Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.

“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.

Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.

“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.

“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”

The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”

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Indoor Cricket World Cup Dubai 2017

Venue Insportz, Dubai; Admission Free

Fixtures - Open Men 2pm: India v New Zealand, Malaysia v UAE, Singapore v South Africa, Sri Lanka v England; 8pm: Australia v Singapore, India v Sri Lanka, England v Malaysia, New Zealand v South Africa

Fixtures - Open Women Noon: New Zealand v England, UAE v Australia; 6pm: England v South Africa, New Zealand v Australia

THE SCORES

Ireland 125 all out

(20 overs; Stirling 72, Mustafa 4-18)

UAE 125 for 5

(17 overs, Mustafa 39, D’Silva 29, Usman 29)

UAE won by five wickets

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Stars: Cynthia Erivo, Ariana Grande, Jonathan Bailey
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THE DETAILS

Deadpool 2

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Starring: Ryan Reynolds, Josh Brolin, Justin Dennison, Zazie Beetz

Four stars

Squad: Majed Naser, Abdulaziz Sanqour, Walid Abbas, Khamis Esmail, Habib Fardan, Mohammed Marzouq (Shabab Al Ahli Dubai), Khalid Essa, Muhanad Salem, Mohammed Ahmed, Ismail Ahmed, Ahmed Barman,  Amer Abdulrahman, Omar Abdulrahman (Al Ain), Ali Khaseif, Fares Juma, Mohammed Fawzi, Khalfan Mubarak, Mohammed Jamal, Ahmed Al Attas (Al Jazira), Ahmed Rashid, Mohammed Al Akbari (Al Wahda), Tariq Ahmed, Mahmoud Khamis, Khalifa Mubarak, Jassim Yaqoub (Al Nasr), Ali Salmeen (Al Wasl), Yousef Saeed (Sharjah), Suhail Al Nubi (Baniyas)

Nayanthara: Beyond The Fairy Tale

Starring: Nayanthara, Vignesh Shivan, Radhika Sarathkumar, Nagarjuna Akkineni

Director: Amith Krishnan

Rating: 3.5/5