Middle East

Replacing 91,000 Expatriates, KSA To Implement 100% Saudization in Finance & Insurance sectors.

The Finance and Insurance sectors in Saudi Arabia have been decided to implement 100% Saudization by recruiting about 91,000 jobs which are currently occupied by expatriates.

As of now, the number of expatriates working in the Financial (Banking and Investment) and Insurance sectors is estimated at nearly 87,600 workers, about 1% of the total male expatriates in Saudi Arabia, while the number of female expatriates is nearly 3000, which is nearly 0.24% of the total female expatriate workers in the Kingdom.

The Ministry of Human Resources and Social Development had signed a joint Memorandum of Understanding with Saudi Central Bank and Human Resources Development Fund. the Memorandum aims to strengthen cooperation between 3 parties in order to make sure the consistency of the work of the ministry and SAMA to localize all sectors supervised by Saudi Central Bank.

The Memorandum also aims to improve the professional standard of employees of the entities subject to Saudi Central Bank supervision, including to improve coordination with regard to Saudization and provision of training in the sectors supervised by SAMA.

The Memorandum of understanding comes within the ministry’s plans to build complementary relationships and strategic partnerships with various sectors, to reach the goals of National Transformation Programs and the Saudi Vision 2030,

Source & Report By Saudi Gazette.


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