Saturday, August 26, 2017
Small Space for Expats in Vision 2030?
Saudi Arabia is pushing a new policy called "Saudi First" in the job sector. In the revised Nitaqat, or Saudization program, only a few companies can apply for new visas for expatriate employees starting in September 2017. Trending: 10 Million Expats in Saudi Arabian Workforce
The revised Saudization scheme will rank companies on the numbers of Saudi employees available in the organization and another criterion. Only high-ranked companies can apply for new visas for expatriate workers. Most Viewed: No space for expat engineers with less than 5 years of experience
- Saudi Arabia no longer wants to depend on oil income. The Kingdom is working hard on its economy and jobs in the plan called 'Vision 2030', The plan of Vision 2030 is to develop non-oil industries and broaden investment.
- Blocking visas for expat workers is aimed at providing more local jobs to citizens and overcoming the unemployment rate among Saudis. Related: Check Expat levy payment status
- The expat levy, which is about to start from Jan 2018 is one more step for small and medium companies to encourage hiring Saudi citizens instead of foreign workers. New: Expat levy for 2018, 2019 & 2020 in Saudi
- 5% of VAT tax is also going to take effect together with the expat levy fee from Jan 2018. Expats living in Saudi Arabia may not save their money anymore as their expenses have risen by 5 percent. Similar: VAT Tax first time in history of Saudi Arabia
- Foreign workers who are running businesses in the name of Saudi citizens may be badly affected under the revised Nitaqat system.
- As the electric cars are going to come in the future, Saudi Arabia does not want to depend on its economy and oil income. The Vision 2030 will lead the Kingdom into non-oil dependence. Read: Saudi Airport Building Tax on passengers
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| Small Space for Expats in Vision 2030? |
