Replies to post #5232 on VelocityShares 3x Inverse Crude Oil ETN (DWT)

[Smittle]

Saudis Raise Fees to Offset Less Oil Income

DUBAI—Saudi Arabia, faced with dwindling oil income, sharply increased government fees such as visa charges as part of a range of measures aimed at raising revenue from sources other than oil.

Under the new rules, foreigners will have to pay $800 for a six-month visa, six times the current cost. The government also announced hefty fines for traffic violations. It also more than tripled the fees it charges to advertise on billboards.

In an era of cheap energy prices, Riyadh is pushing to overhaul its oil-dependent economy by asking its citizens as well as foreigners to do more to help fill state coffers.

The visa-fee increases, which come into force in October, will mostly affect foreigners who travel to the kingdom for work.

—Margherita Stancati

[CashFreeze]

Their towels are definitely wrapped too tight around their heads!