RIYADH: The Kingdom is taking new steps to increase its non-oil revenues and develop the national economy. The Council of Ministers recently made a number of decisions to this effect, including the application of entry tariffs for first time Haj and Umrah visitors, and new regulations for violations of visa, traffic and other laws.
Similarly, the tariffs on municipal services related to advertising are also set to increase to support these new national development initiatives.
These decisions reflect the Kingdom's efforts to move ahead with increasing the sustainability of the country, and to increase the quality of life for all citizens and residents.
Observers say that these decisions will help to increase the non-oil revenues of the country by as much as 512 percent, a fivefold increase on the Kingdom’s non-oil revenues as of 2015, which totaled SR163.5 billion.
Economists also noted that these decisions will allow the state to develop strong infrastructure and to better rationalize national expenditure, which will increase state budget revenues and decrease the recruitment of all outside labor that is not beneficial for Saudi citizens.
The observers further said that the decision comes as part of a new era of development that seeks to support small and medium-scale enterprises in order to help youths launch their own commercial enterprises and enter the market. This is likely to result in increased exports from the Kingdom and, subsequently, good financial returns.
Similarly, the tariffs on municipal services related to advertising are also set to increase to support these new national development initiatives.
These decisions reflect the Kingdom's efforts to move ahead with increasing the sustainability of the country, and to increase the quality of life for all citizens and residents.
Observers say that these decisions will help to increase the non-oil revenues of the country by as much as 512 percent, a fivefold increase on the Kingdom’s non-oil revenues as of 2015, which totaled SR163.5 billion.
Economists also noted that these decisions will allow the state to develop strong infrastructure and to better rationalize national expenditure, which will increase state budget revenues and decrease the recruitment of all outside labor that is not beneficial for Saudi citizens.
The observers further said that the decision comes as part of a new era of development that seeks to support small and medium-scale enterprises in order to help youths launch their own commercial enterprises and enter the market. This is likely to result in increased exports from the Kingdom and, subsequently, good financial returns.
