RIYADH: ARAB NEWS
Published — Sunday 13 October 2013
Last update 13 October 2013 3:22 am
A recent study has revealed that cover-up businesses sponsor 80 percent of undocumented foreign workers in Saudi Arabia.
The study, which was carried out by the chair of Prince Mishal bin Majid for cover-up business research at King Abdul Aziz University, criticized the role of the Saudi Arabian General Investment Authority (SAGIA).
The study claimed that SAGIA has not achieved its desired objectives and that cover-up activities have continued unabated.
Bangladesh nationals ranked first among foreign workers in terms of involvement in cover-up businesses, standing at 22.7 percent. Egyptians came next in line at 19 percent, followed by Syrians (14.1 percent), Yemenis, Sudanese, Palestinian and Lebanese nationals.
Bangladesh nationals ranked first among foreign workers in terms of involvement in cover-up businesses, standing at 22.7 percent. Egyptians came next in line at 19 percent, followed by Syrians (14.1 percent), Yemenis, Sudanese, Palestinian and Lebanese nationals.
The study was based on quarterly statistics issued by the Ministry of Commerce and Industry’s Consumer Affairs’ Committee.
The sectors that witnessed the highest rates of cover-up activity according to the study, are construction and contracting, followed by the consumer goods sector and general trade. Farouk Al-Khatib, a professor of economics at King Abdul Aziz University, pointed out that the Saudi economy annually loses some SR45 billion to cover-up business.
The professor attributed the reasons behind the prevalence of cover-up businesses to a number of factors, including the lack of strict legislative rules in government agencies to address the problem, weak control and the difficulty of monitoring these activities due to the Kingdom’s vast geography.
The professor attributed the reasons behind the prevalence of cover-up businesses to a number of factors, including the lack of strict legislative rules in government agencies to address the problem, weak control and the difficulty of monitoring these activities due to the Kingdom’s vast geography.
He also said the rate of remittances by foreign workers have increased and the number of fake institutions have grown in number recently, indicating the existence of cover-up businesses in the Saudi market.
No comments:
Post a Comment