COVID-19 impact: 1.2 million foreigner workers to leave Saudi Arabia in 2020
Overall business environment to gradually improve in the second half of 2020: report
Abu Dhabi: It is expected that up to 1.2 million foreign workers will leave Saudi Arabia’s job market, while unemployment rates among Saudis will maintain the same as previous levels of 12 per cent by the end of 2020, despite the effects of the coronavirus crisis on the labour markets globally, Saudi media reported.
According to the 'Saudi Labour Market Developments' report prepared by Jadwa Investment, a Saudi closed joint stock company, the sectors that are most affected are likely to witness the exit of the highest percentage of foreigners: hospitality, restaurants, food services, administrative and support activities, which include building services, travel agencies, rent, leasing and security.
According to the report, the overall business environment will gradually improve in the second half of this year, especially in the last quarter, and the new improvement will carry better prospects for employment of Saudi citizens along with the recovery of the economy late in the year. There is likely to be a significant increase in the demand for some goods and services, the report said.