ok the latest i have heard is dat its goin to be implemented from 2013 and.. da big news is.. w8 fot it.. v can keep da pasports !!! but one saudi friend of mine workin right inside the ministry of labor told m that for this new law govt would be your sponsor and da bad news is dat ul have to submit 16000 saudi riyal EVERY year for ur renewal to the M.O.L.
In return you would be allowed to work anywhere u want just on the grounds of contract paper ( like UAE ).. what they want is just the high earning people to remain here who have enough earning to give govt SR 16000 anually. And that would help govt to fund saudis with hafiz plan on da expense of expats. And also the worst part is MAX 10 years is da validity of iqama and aftr wards that post will be given to saudi guy alloted with you.. and u will have to leave for good..
Also if you are a resident for 30 plus odd years then ul be given a resident status card ( not nationality/id card), with a civil number ( ahwaal madni or sumthing) dat would give u exemption from 10 year limitation of iqama (residence permit) and u can remain for good until u keep feeding them SR 16000 anualy. what they are now saying this is that if u wana stay with all dese rules do stay if not u can pack your bags and go the very next day ! pasport would always be with you.. rate it people! confused.. good or bad !