Riyadh – Saudi Arabia has announced that there are no limits for what it’s willing to spend for the sake of defending the country. “The kingdom will not determine the spending for the sake of defending the country — we took into consideration security and military sectors’ needs”, said Minister of Finance Mohammed Al-Jadaan.
Jadaan added that there won’t be any income taxes imposed on Saudi citizens or expatriates not even Saudi companies until 2020.
The minister was addressing a press conference in Riyadh on Wednesday along with Minister of Energy, Industry and Mineral Resources Khalid Al-Falih, Minister of Commerce and Investment Majed Al-Qassabi, Deputy Minister of Labor and Social Development Ahmad Al-Humidan and Deputy Minister of Economy and Planning Mohammed Al-Tuwaijri after the presentation of the national budget.
He urged companies and the private sector to draw their investment plans and programs for the Saudi market without having any concerns. The minister also stressed the government’s keenness to support the private sector and provide job opportunities for the Saudi youths.
From his part, Energy Minister Khalid al-Falih announced launching the second phase of oil prices reforms in the kingdom, adding that this will happen in a gradual pace without neglecting the interest of citizens and expats as well as the private sector.
Falih added that the Saudi individual consumes triple the amount of energy compared to individuals worldwide.
“Cost of energy subsidies reached SAR270 billion in 2015—this amount can provide around 500 hospitals with international standards and around 5,000 schools,” he added. Yet, he affirmed that the kingdom will not be lacking competency regarding energy prices.