Saudi Arabia's decision to support the industrial sector will positively reflect on licensed industrial firms, as it will cut labor cost by 4 percent to 5 percent, Tabuk Cement Co.'s CEO Ali Al-Qahtani told Alekhbariya TV.
"The decision will also enhance competitiveness and encourage companies to inject more investments," Al-Qahtani said.
The Saudi Cabinet has decided on Tuesday to cover the mandatory fees of expatriates working in industrial facilities for five years, as of October 1, 2019.
Read: https://www.argaam.com/en/article/articledetail/id/1316498
The Kingdom began early January 2018 to apply new fees on foreign workers, in line with the Fiscal Balance Program launched end of 2017.
The fees set until January 2020 vary between SAR 300 and SAR 700 per month per employee, if the number of expats does not exceed the number of nationals, and between SAR 400 and SAR 800 if foreign workers number outweighs nationals.
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