Industry minister says decision on energy prices to be announced soon

Saudi Arabia’s Minister of Industry and Mineral Resources Bandar Alkhorayef said that the decision related to energy prices and mixed hydrocarbon materials is expected to be issued soon. He added that the decision also covers other areas including local content, protectionism, and external trade.

Speaking during the fourth meeting of Riyadh Industrial Council at the Riyadh Chamber, Alkhorayef said that the proposed prices have been reviewed by a Governance Committee, which discussed the proposal and came up with some comments that are currently being reviewed.

Earlier, the minister said that the electricity and energy prices are being reviewed as part of a series of decisions that aim to support industrial sector.

Regarding the decision to exempt industrial establishments from expats labor fees, Alkhorayef said two issues have been raised following the implementation of the decision. He added that the government is working on finding solutions to avoid the abuse of the system and the solutions will be announced in the coming days.

He stressed that the decision to exempt industrial establishments from expatriate labor fees will not be extended, calling on companies to find an alternative and use the benefits granted in its place.

As Argaam reported earlier, in early September Saudi Arabia’s Cabinet issued a decree waiving the fees imposed on expat employees of industrial companies for a period of five years.