Saudi Arabia's Cabinet has cancelled financial fees on expatriate workers employed in licensed industrial facilities, Al Eqtisadiah reported on December 17.

The decision was approved by Crown Prince Mohammed bin Salman based on recommendations from the Council of Economic and Development Affairs to boost economic activity in the Kingdom. The move aims to support the industrial sector and enhance the competitiveness and sustainability of national factories in line with Vision 2030's goal of building a competitive and resilient industrial economy.

Minister of Industry and Mineral Resources Bandar Al Khorayef said the decision will enhance Saudi industry's global competitiveness and increase non-oil exports' reach across international markets.

The cancellation will reduce operational costs in factories, enabling them to expand, grow and increase production whilst attracting more quality investments.

The decision enables industrial facilities to invest in developing operations and increasing productivity, whilst creating more job opportunities.

Saudi Arabia's industrial sector recorded significant growth from 2019 to end-2024, with the number of industrial facilities rising from 8,822 to more than 12,000.

Total industrial investment value increased 35% from SAR908bn ($242bn) to SAR1.22tn ($325bn) during the same period.

Non-oil exports grew 16% from SAR187bn ($49.9bn) to SAR217bn ($57.9bn), whilst jobs increased 74% from 488,000 to 847,000 employees.

The localisation rate reached 31%, and industrial GDP grew 56% from SAR322bn ($85.9bn) to more than SAR501bn ($133.6bn).

Saudi Arabia aims to triple its industrial GDP to SAR895bn ($238.7bn) by 2035, offering more than 800 investment opportunities worth SAR1tn ($266.7bn).

"The decision will enhance sustainable industrial development in Saudi Arabia and contribute to developing national industrial capabilities," Al Khorayef said.