Industrial sector to save SAR 4-5B annually from expat fee waiver: Alkhorayef

Minister of Industry and Mineral Resources Bandar Alkhorayef said that extending the coverage of the financial compensation required for expat workers in the industrial sector will save about SAR 4 to 5 billion annually.

Alkhorayef added in an interview with Al Arabiya that this value is huge as it will stimulate more investments and make the sector more competitive.

The situation has been dealt with so that industrial facilities will not be affected during the coming year.

He assured the government’s keenness to support the existence of policies that ensure the continuity of the sector’s competitiveness.

Alkhorayef indicated that the decision to extend the decision again will be taken at the appropriate time.

The industrial sector is still witnessing a continued influx of investments, especially foreign ones. Work is being done with many foreign companies to clarify the available opportunities in the Kingdom, but investments are still less than target in the range of 6 to 7%.

Alkhorayef expected a large turnout from global firms from diverse sectors, including cars, medicines, renewable energy, food, poultry, and others during the coming period.

According to data available on Argaam, the Saudi Cabinet, chaired by Crown Prince Mohammed bin Salman, approved yesterday, Aug. 14, extending the state's coverage of the financial compensation required for expat workers in industrial establishments until December 31, 2025.

In September 2019, the Cabinet approved the state's coverage of financial compensation for expat workers in industrial establishments, for five years starting from Oct. 1, 2019.