On 26 June 2020, the Saudi Arabian government issued Royal Decree No. M/153 providing an exemption of income taxes for oil and hydrocarbon production non-Saudi companies listed in the Saudi financial market.
The Decree has explained that this includes the resident funds company for shares directly or indirectly owned by non-Saudis, as well as shares directly or indirectly owned by people working in the production of oil and hydrocarbons, and excludes those shares directly or indirectly owned by people working in oil production and hydrocarbon materials in the resident capital companies listed on the Saudi Stock Exchange, and the stakes directly or indirectly owned by these companies.
