Aiming to mitigate the economic fallout on the private sector due to the COVID-19 pandemic, H.M. King Salman has issued a royal decree extending multiple government initiatives focused on supporting individuals, private businesses and investors while they navigate through the pandemic and contribute to Saudi Arabia’s economy. Some of the extended initiatives include supporting affected Saudi employees through unemployment insurance (SANED), waiving recruiting fees, lifting temporary suspension of private facilities, resuming wages protection, delaying collection of import tariffs for 30 days, and postponing payment of value-added tax, excise tax, income tax, and Zakat for business owners. Since the start of the COVID-19 pandemic, Saudi Arabia has launched 142 initiatives worth $57 billion as a response to minimize the social and financial impact of the COVID-19 pandemic.
You also might be interested in
Schedule Saudi Arabia’s coronavirus vaccination campaign began in December 2020[...]
H.R.H. Crown Prince Mohammed bin Salman spoke at the Future[...]
The Council recently spoke with Mr. Sultan Sobhi Batterjee, Chairman and CEO of IHCC, to learn more about the company’s scope of services, its roadmap to success, and what opportunities lie ahead for potential U.S. partners.