image description
image description
Tell A Friend

Archives


  • 06-04-23

    Saudization Rate in Financial Market Institutions Reaches 77 Percent in Q4 2022

    (MENAFN) The Capital Market Authority's quarterly bulletin has revealed that the rate of Saudization in financial market institutions reached 77 percent in the fourth quarter of 2022. The report also provided details on Saudization in other sectors, highlighting that the rate of Saudization in the market's key infrastructure institutions climbed to 91 percent in the fourth quarter, an increase from the 90 percent recorded in the same quarter of 2021. In the credit rating agencies sector, the rate of Saudization reached a new high of 44 percent in the fourth quarter of 2022, up from 26 percent the previous year.

    The report also noted that the rate of Saudization in financial technology firms increased to 76 percent in the fourth quarter of 2022, compared to 73 percent in the same quarter of 2021. Additionally, the assets managed in capital market institutions totaled SR743.3 billion in the fourth quarter of 2022, while the number of public and private investment funds increased by 25 percent, reaching 941, up from 751 in the fourth quarter of 2021.

    The Ministry of Human Resources and Social Development has announced plans to expand the Saudization campaign to include new professions and activities. These include project management, procurement and sales outlets, shipping and freight brokerage outlets, and decor and women's tailoring businesses. The localization drive aims to create more job opportunities for young Saudi men and women and is currently in various stages of execution.

    The Kingdom's efforts to increase Saudization rates reflect its commitment to boosting employment opportunities for Saudi nationals and reducing the country's dependence on foreign labor. The government has implemented various initiatives and policies to achieve this goal, including the introduction of quotas for the employment of Saudi nationals in private sector companies. The increase in Saudization rates in the financial market institutions and other sectors is a positive sign of progress towards achieving this objective.

    MENAFN06042023000045014228ID1105954179

Follow us

RSS
Terms & Conditions  |  Privacy & Security  |  Contact Us  | Sitemap
© 2024 BBK  |  All Rights Reserved