SR 2,400 levy ‘irreversible’

Updated 03 March 2013
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SR 2,400 levy ‘irreversible’

The SR 2,400 levy imposed on private companies for employing expatriate workers in excess of Saudis is irreversible, as the government has no plan to withdraw the Saudization measure.
“The expat levy file has been closed forever and businesses have to embrace even tougher decisions in the future,” said Saleh Kamel, a prominent Saudi businessman and chairman of Jeddah Chamber of Commerce and Industry.
According to one estimate, the levy would impose an additional financial burden of SR 60 billion annually on Saudis. “The levy would increase the expenditure of businesses by SR 20 billion annually. To meet this expenditure, traders will increase prices of goods and services by three times and the cost will reach SR 60 billion,” one expert said.
Kamel said the JCCI had opposed the levy imposed by the Labor Ministry following legal measures as it believed the levy would increase prices of commodities and services.
“We had appointed Jeddah Law Center to prepare a study on the legal violations involving the levy decision in order to present it to higher authorities but the JCCI has been told not to present the study,” Al-Sharq Arabic daily quoted Kamel as saying.
“This has closed the door of discussions on the issue,” Kamel said, adding that businessmen were unanimous in their opinion to withdraw the levy as it harms small investors and small and medium enterprises that account for 90 percent businesses in the Kingdom.
He highlighted JCCI’s efforts to challenge the ministry’s decision.


Saudi Arabia says deposits $250 million into Sudan's Central Bank: statement

Updated 19 May 2019
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Saudi Arabia says deposits $250 million into Sudan's Central Bank: statement

  • Saudi Arabia and UAE pledged to send $3 billion worth of aid to Sudan
  • The remaining amount will be allocated to meet the urgent needs of the Sudanese people

RIYADH: Saudi Arabia said on Sunday it deposited $250 million with the Sudanese central bank, according to a statement from the Kingdom’s ministry of finance.

Saudi Arabia and the UAE pledged to send $3 billion worth of aid to Sudan, after mass protests led to the ouster of president Omar al-Bashir last month.

The move will strengthen Sudan’s “financial position, alleviate pressure on the Sudanese pound and achieve more stability in the exchange rate," the statement said.

Saudi Arabia and the United Arab Emirates have deposited now $500 million into Sudan’s Central Bank, the first instalment of the joint package of aid.

The remaining amount will be allocated to meet the urgent needs of the Sudanese people, including food, medications and oil derivatives.

Mohammed Abdullah Al-Jadaan, Minister of Finance, confirmed that this deposit constitutes an extension of the Kingdom’s support to the Sudanese people.

He added that this support will strengthen the financial and economic situation in Sudan, especially the exchange rate of the Sudanese pound, which should reflect positively on the living conditions of the Sudanese citizens.