RIYADH: New decisions on Monday regarding exit, entry, transit and visit fees will help contribute to the efforts to diversify the economy, while encouraging foreign nationals to spend longer periods of time in the country without transferring money abroad.
The new decisions, approved by the Council of Ministers, are expected to have a marked positive impact on the national economy, and are expected to diversify the local economy, increase private sector activity and reduce dependency on oil as the main source of national income.
After reviewing the reports of the Ministries of Finance, Economy and Planning ,the Cabinet amended fees for certain types of visas on Monday.
Fahad Al-Mishari, an economist and financial expert, said the new decisions issued on Monday will actively contribute to increasing the activities of the non-oil sector, and thus their contribution to the national economy, as well as guide the economy toward a new and positive direction, away from oil dependency.
The developments are in line with the Kingdom’s plans to reduce dependency on oil as a main source of income and to diversity sources of income by privatizing some sectors.
The Kingdom is also working on boosting investments in the financial market and focusing on increasing industrial production.
The Saudi budget for the 2015 fiscal year shows that the country already receives increased revenues from non-oil sources, with such income amounting to nearly SR163.5 billion ($43.5 billion), a 29 percent increase over the SR126.8 billion ($33.8 billion) in 2014.
The new decisions, approved by the Council of Ministers, are expected to have a marked positive impact on the national economy, and are expected to diversify the local economy, increase private sector activity and reduce dependency on oil as the main source of national income.
After reviewing the reports of the Ministries of Finance, Economy and Planning ,the Cabinet amended fees for certain types of visas on Monday.
Fahad Al-Mishari, an economist and financial expert, said the new decisions issued on Monday will actively contribute to increasing the activities of the non-oil sector, and thus their contribution to the national economy, as well as guide the economy toward a new and positive direction, away from oil dependency.
The developments are in line with the Kingdom’s plans to reduce dependency on oil as a main source of income and to diversity sources of income by privatizing some sectors.
The Kingdom is also working on boosting investments in the financial market and focusing on increasing industrial production.
The Saudi budget for the 2015 fiscal year shows that the country already receives increased revenues from non-oil sources, with such income amounting to nearly SR163.5 billion ($43.5 billion), a 29 percent increase over the SR126.8 billion ($33.8 billion) in 2014.
