Majid Al-Qasabi, the Saudi Minister of Trade and Investment, said that the Kingdom has a complete study that includes reviewing all fees, including the financial compensation for expatriate workers.
The "Riyadh Chamber" website transmitted the statements of the Minister of Trade and Investment during his meeting with businessmen at the Merchants Council, and the minister said: "There are permanent reviews, including the issue of financial compensation, and there is a full study that includes reviewing all fees."
The Minister pointed out the importance of the role of the Chambers of Commerce in adopting solutions to the obstacles facing the business sector.
Al-Qasabi stressed the importance of keeping pace with change, and that the state continues to review and improve regulations and procedures, and to amend recently issued municipal systems, which will create more investment opportunities ahead, indicating that there is a qualitative transformation in the Kingdom, great opportunities, tremendous opportunities and natural resources ready for investment.
The Kingdom began applying the financial compensation to expatriate workers as of the beginning of 2018 within the financial balance program announced in 2016.
According to this application, it is stipulated to pay from 300 to 400 riyals per month, according to the numbers of expatriate workers versus national.
In 2019, it rose to 500 to 600 riyals per month, according to the numbers of expatriate workers versus nationalism, and is scheduled to be between 700 to 800 riyals during 2020.
The Saudi Ministry of Finance expected earlier that revenue from the financial compensation for expatriates, whether employment or escorts, would be about 56.4 billion riyals in the current year (2019) compared to 28 billion riyals it expected for 2018, but the last budget announcement did not specify the actual estimated revenues for 2019 or Revenue forecast for 2020.
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