There are many things I think about when it comes to the current circumstances in KSA..
All is good .. Alhamdulilah.
But, most people are out of money! Have you noticed?
People are not spending like they used to.
200,000 establishments shut down. Most projects failing because of shortage of labor. To transfer and maintain Iqama of one person costs a minimum 5000 yearly.. How does one manage? Especially when consumers are not spending ? From where does one cover costs?
I wonder where the debt of people to banks and amongst themselves has reached?
Try as I might, a solution does not come to mind. At least not within my capacity or ability. My own projects are delayed by months JUST because of labor costs. They are too high!
Where I would spend a 100k to launch something I may have to spend double and with the current uncertainty in people, a high cost means great fear especially since we are all still trying to recover what we invested 3 years ago!
A very large number of people have not paid many expenses for many months..
I know a number of employees of big multi national companies whose contracts have not been renewed and therefore they are not getting their full payments .. Salary not on time, benefits delayed, contracts delayed. Company’s contract with departments delayed, funds delayed.. All suffering. Savings almost gone!
Some people have had to change schools of their kids so they pay less fee.. From a good school to a cheaper one.
I can’t even blame those guys who have conned me for hundreds of thousands.. They have kids and loans too and No income ..
You think all companies pay 2500 for their labor? No. I know labor who sold their lands just to pay their sponsors to release them against 10, even 20,000!
Things look very different on paper then they are in reality.. I think we must now see reality. I don’t know a single person who does not want to leave now.. Locals included..
But go where..
One thought on “Random Thoughts about Money”
”I can’t even blame those guys who have conned me for hundreds of thousands..” lol