Saudi Arabia begins next Wednesday, applying the cabinet’s decision, which allows commercial activities to work for a period of (24) hours, and that the higher ceiling for fees to allow commercial activities to open for 24 hours will be of various values determined according to instructions that will be issued soon so that they do not exceed 100 thousand riyals annually for the facility One business.
And a previous decision of the Saudi Council of Ministers stated that allowing commercial activities to work for a period of (24) hours, "in return for a financial fee determined by the Minister of Municipal and Rural Affairs - in accordance with the considerations he appreciates - and also specifies commercial activities for which this compensation does not apply, as required by the public interest or The nature of those activities. "
The validity and start of implementation of this decision is expected to reflect positively to raise the level of satisfaction of urban residents and open new horizons for the business sector in its various segments, as global experiences show that the regulation of permitting business conduct for 24 hours is reflected positively on the state's overall economy through the growth of demand for goods Services and stimulate consumer spending and attract capital investment.
The validity of the decision will enable many sectors in Saudi Arabia, such as entertainment, tourism, transportation and communications, to achieve an increase in operational growth as well as creating new job opportunities and increasing the contribution of small and medium enterprises to the local product.
It will be allowed starting next Wednesday to open shops and commercial activities, in Saudi Arabia, after 12 o'clock at night, according to transparent and specific controls issued by the ministry.
The decision provides for determining the activities that will be paid in return for money and other activities that will not pay the financial consideration due to the requirements of the nature of its work at different times and this will be determined according to the decisions of the Minister of Municipal and Rural Affairs in this regard.
Economists affirm that the decision has economic consequences, most notably the revitalization of the economic cycle, the provision of greater job opportunities, and the availability of services and products in the markets around the clock, which stimulates the economic movement and increases the competitiveness of the economy, and the diversity of investment opportunities in it.
Most sectors of the economy will be affected by the decision, which will be affected by increased demand for establishments and real estate, and increased job opportunities in small and medium enterprises, such as restaurants and commercial stores distributed in cities, as well as the sectors supporting the tourism and hotels sector.