Finance, insurance sectors to implement total Saudization, replacing 91,000 expats

July 27, 2021

Okaz/Saudi Gazette

RIYADH — The Finance and insurance sectors have decided to implement total Saudization by hiring Saudis in as many as 91,000 jobs that are currently occupied by non-Saudis, Okaz/Saudi Gazette has learnt from the well informed sources.

The percentage of non-Saudis working in financial and insurance activities accounts for 0.9 percent of the total expatriate workforce. There are a total of 10.07 million male and female foreign workers in the Kingdom.

The number of non-Saudi men working in these two activities is estimated at around 87,600 workers, representing nearly one percent of the total male foreign workers in the Kingdom, while the number of non-Saudi female workers is approximately 3,000, equivalent to 0.24 percent of the total non-Saudi female workers in the Kingdom.

It is noteworthy that the Ministry of Human Resources and Social Development (MHRSD) had signed on Monday a joint memorandum of understanding (MoU) with the Saudi Central Bank (SAMA) and the Human Resources Development Fund (HADAF).

Deputy Minister for Labor Affairs Abdul Majeed Al-Rashoodi represented the ministry during the signing of the MoU while Supervising Undersecretary Dr. Fahad Al-Shathri represented SAMA, and Executive Director of Business Faras Aba Al-Khail represented HADAF.

The MoU aims to strengthen cooperation between the three parties in order to ensure the consistency of the work of the ministry and SAMA to localize all sectors supervised by SAMA.

It also targets improving the professional standard of employees of the entities subject to SAMA’s supervision, in addition to enhance coordination with regard to localization and provision of training in the sectors supervised by the Central Bank.

The agreement comes within the ministry’s plans to build complementary relationships and strategic partnerships with various sectors, to achieve the goals of the National Transformation Programs and the Kingdom’s Vision 2030.

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