After all the new amendments to labor laws in KSA, is it worth moving to KSA to look for a suitable job opportunity?

It will depend on whether the job offer and terms of work are favourable or suitable to an individual

You can’t decide if it’s worth it or not without getting a job offer. When getting an offer, you should calculate your approximately expenses and see if that will fit you or not. Don’t forget that living expense in Saudi Arabia is low comparing to other countries. I think that you should always be optimistic when searching for a job.

I agree that  the high tax imposed on expats in Saudi Arabia make lots of foreign workers to leave the country, and with the saudization of the work place  the opportunities of finding a job in KSA have decreased. But you can always find a great opportunity in an international company that has an office in KSA.