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| ’Saudization’ strikes jewel trade |
| 2004-02-24 |
| Travel firms, with expatriates galore, are the next priority. EFL and clarity. Saudi Arabia has begun enforcing new rules, which ban foreigners from working in its lucrative jewelry trade. Inspectors began visiting shops in Riyadh, the capital of the kingdom, on 21 February, closing down some, which still employed foreigners. The 6,000 or so shops which make up the gold and jewelry business have about 20,000 foreign staff, mostly from Yemen and South Asia.(Mostly Indians see related story.) More than two thirds of Saudi Arabia’s population is under 30 and unemployment is soaring to 20% or more. The government fears the jobs situation may be making extremism more attractive to Saudi young people. The ever-increasing numbers of school and university graduates flooding onto the job market are the catalyst for the government’s ’Saudisation’ policy. The policy’s intent is to gradually replace many of the 6-7 million foreign workers with Saudis. The process has thus far been slow, with some businesses saying the Saudi education system is failing to produce people with the skills they need. Too busy teaching ‘other’ subjects, no doubt. Despite its oil wealth, Saudi Arabia harbours considerable poverty. For years the royal family, with its hundreds of princes and their entourages, has used oil revenues as their personal funds - although the largesse has also been liberally spread throughout the population. Rapidly-increasing public debt has cut into the ability of oil money to create jobs. As .com has often mentioned, Saudis are more capable of ‘occupying’ management positions than performing work. (That’s what expatriates are for.) If these young graduates are to sell and trade, maybe this will work, but if it entails the manufacture of jewelry, I’d be skeptical. |
| Posted by:GK |
| #4 I don't see how the Saudi can stand to touch a diamond that's been cut by a Orthodox you know what. |
| Posted by: Shipman 2004-2-24 7:51:45 AM |
| #3 I'll bet that the actual unemployment for the under 30 males is at least double that - 40% or more. I'll leave it at that. ;-) |
| Posted by: .com 2004-2-24 2:10:28 AM |
| #2 I'm in tears. 20% unemployment and they need to occupy the jewelry trade. Artsy bunch. Zionist! |
| Posted by: Lucky 2004-2-24 1:23:03 AM |
| #1 so effendi--you want me to wait on you?--hokay--you wait right there--i'll be back after koran recitation and falconry--see you in a few days |
| Posted by: SON OF TOLUI 2004-2-24 1:22:50 AM |