Economy
Saudi Arabia to Waive ‘Expat Fees’ for Industrial Companies
(Bloomberg) — Saudi Arabia will waive the controversial fees it requires industrial companies to pay for their foreign workers for a period of five years, lightening a burden on the private sector.
Since January 2018, businesses have been required to pay fees for foreign workers they employ, part of the government’s strategy to raise non-oil revenue and encourage companies to hire Saudis. Many businesses, accustomed to cheaper foreign labor, have struggled to adapt to the fees, which were imposed at the same time as subsidy cuts and a value-added tax.
Read more:
- Saudi King Approves $3.1 Billion Plan to Ease Expat Fee Costs
- Saudi Arabia Said to Review Expat Fees as Economy Feels Sting
- Saudi Arabia Starts Offering Permanent Residency for $213,000
The levies contributed to an exodus of foreign laborers, hitting the economy without making much of a dent in Saudi unemployment.
In February, King Salman approved a $3.1 billion plan to ease the levies and help revive economic growth, but some businesses said the measures didn’t go far enough.
The cabinet on Tuesday announced that the state will temporarily cover the cost of the fees for licensed industrial companies, according to the official Saudi Press Agency. The cabinet statement didn’t provide further details.
There are two types of fees on foreign workers in the kingdom. The change on Tuesday applies to those paid by businesses, not to fees that foreign residents must pay on behalf of their dependents.
-
Alamaliktistaad Magazines2 months ago
Al-iktisaad, October 24
-
OER Magazines2 months ago
Signature, October 24
-
Magazines2 months ago
OER, October 24
-
Oman1 month ago
Shell Oman Partners with Oneroad Automotive Gives Away 2 Forthing Cars as Part of its ‘Win Big’ Campaign
-
Alamaliktistaad Magazines4 weeks ago
Al-iktisaad, November 24
-
Energy3 weeks ago
OUTLOOK: Emerging Markets and Renewables – The Twin Engines of Energy Growth for 2025
-
News4 weeks ago
Mitsubishi X-force Joins Sayarti’s Fleet: A New Era of Elegance and Performance
-
Auto2 months ago
Moosa Abdul Rahman Hassan & Co. Celebrates Launch of 2025 Suzuki Swift and Opening of New Suzuki Showroom in Azaiba