Mourad Haroutunian – May 30, 2011 1:14 PM AT
Saudi Arabia will soon bar foreigners who have lived in the kingdom for six years from renewing their work permits, Al Watan reported, citing Labor Minister Adel Faqih.
Companies will be given five months to adjust their positions after the start of the program, which aims to cut unemployment among Saudi nationals, the newspaper said.
Around half a million Saudi nationals are unemployed, the newspaper said, citing recent statistics.
The eight million expatriates in the kingdom annually send an estimated 100 billion riyals ($26.6 billion) home in remittances, Faqih told Al Watan.
To contact the reporter on this story: Mourad Haroutunian in Riyadh atmharoutunian@bloomberg.net
