Why are all people in this city facing the same issue: money.
I have not met a single person or know a single person who does not have a financial issue in Riyadh today. Why??
Either they have loans killing them or pending payments which they find impossible to pay for now. People owe our company over ten million riyals.
It is getting frustrating.
Let me give you just one example which should tell you why there is a severe financial issue amongst people now..
One man who owns a large construction company got us to invest a million riyals in his project giving us a share of ten percent in the project..
All was good and profits were great.
Then, in 2013 , his project stopped. His labor ran away. He was fined. Then he had to bring in new labor and he paid 2500 for each one to the Labor Ministry. His profits disappeared and expenses doubled and quite honestly.. He is now close to bankruptcy or just surviving. How can he pay us?
There are thousands of people like this. People that have not been paid and people who cannot pay!
Many housemaids have reported that they have not been paid. I know employees of various companies that have not been paid for months. Many of my friends have not been paid. Why? Because the one who has to pay has not been paid and the balance is OUT!
Soon people may stop hiring maids and drivers..and there will be millions of new unemployed people to deal with..
My business goes down because of restriction , my profits go down , I cannot pay rents and salaries , employees get penniless.. You can figure what happens next..right?
Why has this happened?
What planning causes this financial destruction? The number of loan defaulters is alarming and I have seen once upon a time well off people seeking small loans and even begging !
Labor prices have gone up. A driver wants over 2500 and so does a maid.
I hired a guy.. We paid almost 7000 riyals for the transfer to us!
Insurance, Mol, moi. All government expenses. 2500 to labor Ministry, 2000 transfer few, 650 renewal, 500 fine, 700 insurance. And, this is one guy. What about a company that has 1000 employees????
Are the illegal workers gone ? No
Are all Saudis employed ? No
How can that be? If businesses close down because of lack or work and funds.. There will be no jobs for anyone.
Every outlet has a 70% sale.
Hey! People don’t buy because they cannot spend because they are not paid!
Just to give you a smile after the above, read this:
One guy hires a New tea boy every two months. How?
He hires one and tells him he is on probation. The tea boy does a great job for two months. Then he asks if he is hired. Boss finds ten mistakes in him and offers peanuts. Tea boy, of course has ten other offers. Boss says go I don’t want you and legally cannot pay you for two months , you must transfer . Tea boy takes off and boss hires a new tea boy on probation again.
Boss is smart. He, unlike others, has a tea boy for free all year. Lol!
Oops, did I just give you guys an idea???
Make life easy for all.. So that everyone pays salaries , loans and spends here!