The process is quite easy actually..
1) online application
This you must apply atleast two weeks before the expiry of exit reentry. In mofa.gov.sa there is an option for extending exit reentry visa in visa services for residents.
Apply like you apply for visiting visa, print it out and get it attested from chamber of Commerce... Check status online. First it will be showing status as recieved at chamber. Once approved from mofa you just need to print it and send it to the embassy in your country to get the visa stamped...this should be done after visa is expired ie the stamping process. This is the easiest way and the latest way but it is not working anymore..Even the mofa guys are not sure about it but in saudi Arabia each has different experience. My friend got it approved like this for his daughter and she did come back to Saudi. So I tried the same way but mine the status never changed from Riyadh chamber.. It was always showing Riyadh chamber for two weeks and my wife's reentry was expiring soon. So I went to mofa with the online application form... I told them that I had applied two weeks before online for extension of exit reentry for dependents and still the status online was Riyadh chamber and not yet approved or rejected by mofa... He gave me a print out which the second method of applying.... The print out he gave was a format in which the company should write the letter to the Saudi embassy in your country, and the requirements in it where that the period of stay should not have exceeded more than 7 months and that the iqama should have validity. You also need print out from jawazaat for you and all the dependents (I think it's a muqeem print out, your company HR will know what and how to get it ) to verify the validity of iqamas and visa, finally everyone's renewed iqama copies and your passport copy ..
So make sure you guys send the following to the Saudi embassy of your country to get the visa stamped after expiry
1) company letter with attestation from chamber of Commerce and mofa (if you guys are in riyadh just go to the chamber of Commerce in exit 10, after getting attested from chamber just go to ground floor, there is a small mofa office from you can get mofa stamp also but make sure you have your original iqama with you as they verify coz the letter from your company will be having your iqama info ).
2)print out from jawazaat (yours and dependents )
3) iqama copies
4)your passport copy
5) original passports of applicants (of course)
This is a two day job... Not hectic..
If anyone could correct me or had done in any other way please share.. 14-06-2016