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  • 800,000 expats have left Saudi Arabia, creating a hiring crisis

    07/11/2018 11:02:31 PM PDT · by Cronos · 31 replies
    Business insider ^ | 9 July 2018 | Ambrose Carey
    The Saudisation policy of Saudi Crown Prince Mohammed bin Salman has coincided with an "expat exodus" and a drop in foreign investment. Saudi businesses are complaining that locals don't want to do "low-status" jobs that many expats worked — creating a real problem for the economy. In November, a paper by the Institute of International Finance projected capital outflows in 2017 at $101 billion, 15% of gross domestic product. A recent rebound in oil prices has temporarily rescued the ailing Saudi economy, but it will not be a long-term solution. As of April, more than 800,000 had left the...