The number of expatriates working in the six Gulf Co-operation Council states exceeds 14.5 million. "Their total annual remittances sent from the GCC states amounted to more than $30 billion (Dh110 billion)," says a financial report prepared by Saudi Arabia's Al Hanoo Holding Company.
"These remittances caused loss of nine percent of gross domestic product of Gulf states," it said while warning that foreign remittances would further aggravate volatile situation created by the global meltdown. The report titled Situation of Foreign Workforce in Gulf contains proposals to regulate GCC employment market, which relies heavily on foreign workforce.
It noted diverging opinions and viewpoints of experts to address foreign workforce issue. Some of them are of view that there should be a cut in number of foreign workers while others say that there should be a decrease in salaries and allowances. Others said status quo should be maintained as most of companies must have sufficient workers to cope with emerging situation in wake of global financial crisis.
Directors of Al Hanoo Holding Company said importance of foreign workforce depends on nature of work they are doing. Highlighting significance of foreign workers stay for construction projects underway in various phases of implementation in almost all GCC states, he felt idea of dispensing with this workforce is purely wrong.