Saudi Arabia to Open Foreign Investment to Recruitment Agencies
The Saudi Arabian General Investment Authority (SAGIA) and the Ministry of Labor and Social Development decided to open the door of foreign investment for recruitment agencies that bring in domestic workers, a step that would enhance competitiveness in the recruitment sector.
The cost of recruiting domestic workers in Saudi Arabia has increased in the past few years as it became one of the most dynamic business activities. This pushed SAGIA and the Ministry of Labor and Social Development to take the decision to allow foreign investment and increase the level of competitiveness.
The Ministry of Labor and Social Development is seeking adequate solutions to end the crisis of recruiting domestic workers, showing its determination to provide a suitable environment for this sector through Musaned Program.
Musaned is a program initiated by the Ministry of Labor and Social Development to monitor and improve the domestic labor market by acting as an orchestrator between private and public sector using innovation solutions and E-services for both providers and consumers.The Ministry affirmed earlier that it aims, via Musaned, to protect the rights of all parties in a way that guarantees justice and transparency.
These updates come at a time when Saudi Arabia is considered one of the world's most attractive countries for global investment. Many investors also have confidence in the kingdom's dynamic and prosperous economy, which recently witnessed the announcement of the largest state budget in the history of Saudi Arabia in 2018.