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  • 25-04-23

    Localization Efforts Boost Employment of Saudi Nationals in Financial, Insurance Sectors

    (MENAFN) The financial and insurance sectors in Saudi Arabia have seen significant localization efforts resulting in an increase in the employment of Saudi nationals. In 2022, Saudis constituted 82.2 percent of the workforce in the financial and insurance sectors, with 75,001 Saudi citizens employed compared to 16,290 foreigners. Al-Eqtisadiyah reported that male workers made up the majority of the workforce, with 71,648 males employed in financial and insurance activities. Meanwhile, 19,643 females were also working in these activities, with Saudi women constituting the majority at 18,983 workers.

    The Riyadh region accounted for the largest proportion of Saudi workers in these sectors, with 71,387 workers. Makkah ranked second with 11,487 workers, followed by Al-Sharqiyah region with 7,202 workers. These localization efforts were further boosted by initiatives such as Nitaqat, the official Saudi nationalization scheme, which aims to increase the employment of Saudi nationals in private sector jobs.

    The implementation of Saudization initiatives aligns with Saudi Vision 2030, which aims to reduce unemployment rates by increasing employment opportunities in the country. The Ministry of Human Resources and Social Development launched the initial stage of localizing 30 percent of consultancy professions and businesses across the Kingdom in April. According to HRSD Minister Ahmad bin Sulaiman Al-Rajhi, these efforts have contributed to raising the number of Saudi workers in the private sector to over 2.12 million, with private sector establishments' compliance rate with labor system regulations reaching 98 percent in 2022.

    Moreover, the Kingdom's efforts to create more jobs in line with Vision 2030 have yielded positive results, with the country leading the labor force growth rate among the Group of 20 countries from 2012 to 2021. The Central Department of Statistics and Information reported that the unemployment rate in the Kingdom decreased from 6 percent in the first quarter to 5.8 percent in the second quarter of 2022. To achieve its Vision 2030 goals, the Kingdom is not only encouraging the recruitment of nationals to private sector jobs but also promoting adequate investment in their future to ensure their retention by employers and their contribution to a vibrant and diverse economy.

    MENAFN25042023000045014228ID1106090666

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