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King Salman Approves Bill to Encourage Private Sector

King Salman Approves Bill to Encourage Private Sector

Sunday, 10 February, 2019 - 13:30
Riyadh- Asharq Al-Awsat
Custodian of the Two Holy Mosques King Salman bin Abdulaziz Al Saud ordered Saturday launching the consolidated bill initiative as part of a plan to encourage the private sector and to alleviate obstacles that may hinder their work.

His approval comes also as part of facilitating the achievement of the bill's objectives and stimulate the growth and expansion of employing citizens.

The royal order authorized the Ministry of Labor and Social Development to launch the Consolidated Bill Initiative in collaboration with the Private Sector Stimulation Office, aiming to provide support to enterprises committed to job localization.

Companies “ranked in the ranges of Platinum, A-Green, B-Green, or C-Green for 12 months shall be refunded the collected fees”, the initiatives states.

If these fees are not already paid, companies shall be exempted from paying for 2018.

Saudi Arabia’s Minister of Commerce and Investment Dr. Majid bin Abdullah al-Qassabi, who also serves as president of the supervisory committee for the plan, expressed gratitude for King Salman and Crown Prince Mohammed bin Salman for “their generous approval.”

Saudi Arabia’s Minister of Labor and Social Development Eng. Ahmed bin Suleiman al-Rajhi, for his part, said the move would “stimulate growth and expansion of Saudi Arabia’s economy through employment and job creation for more Saudi youth.”

The program also includes a grace period incentive for companies in the ‘Red’ and ‘Yellow’ categories to move to higher slots through “raising their average localization rates within 12 months to take the lucrative initiative’s support.”

The initiative’s $3.1bn (SAR11.5bn) worth budget aims at reimbursing some private-sector companies that struggled to pay expat work permit fees in 2017 and 2018.

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