Saudi Arabia has introduced the elimination of charges beforehand imposed on expatriate staff employed by industrial institutions holding an industrial license.
The choice was permitted by the Council of Ministers, chaired by Crown Prince and Prime Minister Mohammed bin Salman, following a suggestion from the Council of Financial and Growth Affairs (CEDA).
The choice is aimed toward supporting the economic sector and strengthening the competitiveness of home factories, as a part of wider efforts to diversify the financial system underneath the Imaginative and prescient 2030 reform program.
Saudi Arabia’s Minister of Trade and Mineral Assets, Bandar Alkhorayef acknowledged that the choice to revoke the expatriate payment for industrial staff will improve sustainable industrial improvement within the Kingdom.
He additionally thanked King Salman and the Crown Prince for what he described as continued help for the sector.
He identified that this choice will contribute to enhancing the worldwide competitiveness of the Saudi trade and rising the attain and distribution of non-oil exports in numerous international markets.
He added that reducing prices would allow factories to undertake superior applied sciences resembling automation, synthetic intelligence and fashionable manufacturing techniques.
Bandar Alkhorayef emphasised that the federal government’s bearing of the monetary burden over the previous six years, throughout the first and second exemption intervals extending from October 1, 2019, to December 31, 2025, performed a pivotal function within the qualitative development of the economic sector and the growth of its industrial base.
Through the interval from 2019 to the tip of 2024, the sector has achieved important rises, together with a rise within the variety of industrial institutions from 8,822 factories to greater than 12,000, and a 35 % enhance within the whole worth of business investments, from SR908 billion to SR1.22 trillion.
Bandar Alkhorayef affirmed his ministry’s dedication to persevering with its help for the expansion of the economic sector within the coming interval, by way of built-in efforts with all related entities, empowering the personal sector, and offering an industrial setting conducive to funding, innovation, and know-how.
