Financial news from the UAE and around the world

Tuesday, April 8, 2008

Despite Blooming oil industry: Gulf's Unemployment , still a problem


Unemployment in oil-rich Gulf Arab States is still rampant. It indicates that despite impressive economic growth, local citizens are still grasping to have a decent life here. At least to land a decent job, Arab States considered unemployment as a hard problem to tackle.

"Nowhere is it done in such a way," Bu Hulaiga said of the influx of foreign workers into Gulf states, where expatriates comprise nearly 40 percent of a total population of about 37 million.

"It is not acceptable," he told AFP, noting that in 2007 Saudi Arabia issued a record 1.7 million new working visas.

The largest GCC country in both size and population, and the world's richest in oil resources, Saudi Arabia has about 6.5 million foreigners among a population of nearly 24 million.

But despite its wealth, unemployment among Saudis themselves was 11 percent in 2007, according to official figures, just one percent down from the previous year.

more...


0 comments:

Blog Archive