Tuesday, 20 Aug 2019

Sublime Order Approval Issued on Consolidated Bill Initiative, Supporting Enterprises Committed to Indigenization, Allocating SR11.5 billion filling Financial Payment Gap, in 2018

Riyadh, a Sublime Order approving consolidated bill initiative to support enterprises committed to indigenization, was issued, allocating SR11.5 billion to pay the deficit of financial payment gap, in 2018.

The order authorized the Ministry of Labor and Social Development to launch the Consolidated Bill Initiative, in collaboration with the Private Sector Stimulation Office, aiming to provide support to enterprises committed to indigenization.

Consolidated bill initiative stated that a committed enterprise situated in the ranges of Platinum, A-Green, B-Green or C-Green for 12 months, shall be refunded the collected fees, if it paid earlier, if not, it shall be exempted for 2018.

Minister of Commerce and Investment and President of the Supervisory Committee for the Private Sector Stimulation Plan Dr. Majid bin Abdullah Al-Qassabi extended thanks and appreciation of the Custodian of the Two Holy Mosques King Salman bin Abdulaziz Al Saud and HRH Crown Prince for their generous approval, indicating that such a move is a catalyst to empower the private sector and an appreciation of its role in the development process.

For his part, the Minister of Labor and Social Development Eng. Ahmed bin Suleiman Al-Rajhi expressed thanks and appreciation of the Custodian of the Two Holy Mosques and HRH Crown Prince for their generous approval of the consolidated bill initiative, pointing out that the step would stimulate growth and expansion of the economy, through employment and job creation for more Saudi youth, male and female, alike.

The initiative includes an incentive grace period for enterprises, in the red and yellow ranges, to move to higher ranges through raising their average indigenization rates, within 12-month, to take advantage of the lucrative initiative's support.

Allocating the sum of SR11.5 billion is a prat of an already earmarked SR200 billion to boost the private sector stimulus plan, as a direct incentive to its enterprises, which includes refunding or exemption of payment for differentials of the work permits.

Source: Saudi Press Agency

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