Saudi permits expatriates to invest abroad [Archives:2004/784/Front Page]

October 25 2004

Mahyoub Al-Kamaly
Saudi Arabia has agreed to allow Yemenis working in gold trade in that country to invest their money outside of Saudi Arabia.
Some of those Yemenis had earlier been exposed to harassment by Saudi authorities insisting they invest only in Saudi.
Expatriates coming from Riyadh to Yemen said the Saudi move was positive and that the Yemeni-Saudi rapprochement had contributed to the realization of the decision.
Thousand of Yemenis working in the field of gold trade in Saudi Arabia will benefit from it.
The expatriates, in statements to Yemen Times, described the decision of settlement as wise and enhancing Yemeni- Saudi relations.
Those have estimated the volume of Yemeni traders working in the field of gold as worth about YR 120 billion, approximately 3 billion Saudi Riyals.
The Yemeni expatriates considered the Saudi acceptance of transferring the guarantee of Yemenis working in gold to other fields as a positive measure pouring in the two countries' interests.
The Saudi move comes after the influx of Yemeni expatriates' capitals into investment in Yemen in available opportunities for them especially in the field of investment in cement projects in Hadramout and Abyan.
The Saudi authorities had taken a decision of Saudizing shops of selling gold and silver, saying they would be providing about 20,000 to 30,000 jobs for Saudi citizens.
Sources of the Yemeni community in Saudi Arabia have expected that Yemeni owners of funds would draw their deposited money and assets to invest them in the Emirates, especially in Dubai where they have old and strong commercial relations.