“Emiratisation, ownership, investment” .. The Saudis are preparing to complete 3...

As soon as the middle of the day of the fifth of this October, the Saudis were with an appointment with completion in three files that mainly affect their life priorities. The first of those files was the “Emiratisation” file. With the determination of the wage calculated for the localization of targeted telecommunications and information technology jobs, starting from 7,000 riyals for specialized professions and 5,000 riyals for technical professions, in conjunction with the Ministry’s ambition to provide 9,000 job opportunities in the field of communications and information technology, and to stimulate its growth.The investment was the second most prominent file, with the General Authority for Ports announcing, today, the start of the actual operation of the largest single allocation contract in the Kingdom that was concluded last April, and within the framework of developing and operating container terminals at King Abdulaziz Port in Dammam with the Saudi International Ports Company ( SGP), owned by a partnership between the Saudi Public Investment Fund and the global PSA Group, with investments exceeding 7 billion riyals, according to the BOT formula, with a 30-year contract.

The third file is the preoccupation of a large segment of Saudis, which is the home ownership sector. In a report, the American Bloomberg Agency revealed in a report that the abolition of the value-added tax on the Saudi real estate sector and its replacement with the disposition tax will maintain the recent jump in the sector; As a result of the various government programs that were seeking in their entirety to increase supply in the market and create a state of balance between supply and demand.

The Bloomberg report attributed the huge jump in the rates of credit growth to the private sector recently to the feverish activity in the real estate sector, and the high demand for homes due to various government programs.

The report said: “The real estate market in Saudi Arabia has emerged as a bright spot at a time when the consequences of the Corona pandemic and the drop in oil prices have emerged on the global and Saudi economy.”

According to the new amendments, the Saudi government will bear the tax on the purchases of new homes for citizens, with a value not exceeding one million riyals, while the value that the government bears before the new amendments is about 850,000 riyals, a step that will enhance the demand of citizens to own homes.

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