As a result of Saudization:Yemenis invest in Bahrain & UAE [Archives:2005/809/Local News]

January 20 2005

The Saudi Al-Eqtisadia (Economic Newspaper) reported recently that the Saudi Government issued directives to form an urgent ministerial committee to study why the jewel and gold shops are being moved to the neighboring countries.

Sources indicate that investors in gold and jewels in Saudi Arabia are mostly Yemenis who are being adversely affected by the policy of Saudization (encouraging a local workforce). These investors felt compelled to move their possessions and gold workshops to their homeland, or to neighboring countries like Bahrain and the UAE.

A number of senior government officials from both Yemen and Saudi Arabia worked to try to exempt Yemeni investors from the policy of Saudization, but the proposal was rejected by the Saudi side. Sources have confirmed that this decision has caused investors to move to neighboring countries.