Economy
Saudi King Approves $3.1 Billion Plan to Ease Expat Fee Costs
Saudi Arabia’s King Salman has approved a plan to ease levies businesses pay on foreign workers to help revive economic growth.
Authorities will exempt some companies from paying the 2018 expat fee or reimburse those that have already paid, according to the official-Saudi Press Agency. To qualify for the aid, businesses need to have made strides in hiring more Saudi nationals.
The fees were introduced in 2018 as part of a drive to increase non-oil government revenue — a key goal of Crown Prince Mohammed bin Salman’s economic transformation plan — but have drawn fire from business owners in a country accustomed to cheap foreign labor. They’ve contributed to the exodus of hundreds of thousands of expatriate workers, hitting the already-struggling economy without making much of a dent in Saudi unemployment.
The government has allocated 11.5 billion riyals ($3.1 billion) for the plan, according to SPA. It aims to encourage companies that haven’t done enough to expanded their Saudi work force enough.
Read: Expat Levy, Handouts, Defense Cutbacks: What’s in Saudi Budget
About 350,000 companies would benefit from the decision, Al Eqtisadiah newspaper reported, citing people it didn’t identify.
-
Magazines1 month agoOER – September 2025 Issue
-
News1 month agoKitchenomiKs Secures Investment of US$3.2M Led by Jasoor Ventures
-
Alamaliktistaad Magazines1 month agoAlam Al Iktisaad – September 2025 Edition
-
News1 month agoCent Capital, AI Finance App by ex-AWS Strategist ‘The Beast of Bay Area,’ Launches to End Financial Anxiety, Hits $1M AUM
-
News1 month agoOman Inaugurates ‘Hadatha’ – Its All-New Cybersecurity Center
-
Banking & Finance1 month agoOman Arab Bank Highlights Its Ongoing Strategic Initiatives and Future Plans
-
News1 month agoIEA Expects Global Oil Market to Remain Oversupplied in 2026
-
Energy1 month agoWLGA Middle East LPG Summit & Expo 2025 to be held at OCEC on November 10 and 11

You must be logged in to post a comment Login