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Saudi Human Resources Ministry, Sama Sign MoU to Localize Financial Jobs

Saudi Human Resources Ministry, Sama Sign MoU to Localize Financial Jobs

Tuesday, 27 July, 2021 - 10:00
Saudi Arabia continues efforts to fill the labor market with Saudi workers. (Asharq Al-Awsat)

The Saudi Ministry of Human Resources and Social Development (HRSD) signed a joint memorandum of understanding with the Saudi Central Bank (SAMA) and the Human Resources Development Fund “Hadaf” to launch steps to localize jobs at the financial sector.

The memorandum aims to ensure the consistency of the work of the Ministry and SAMA to localize all sectors supervised by the central bank, increase the number of employees within its entities, and coordinate localizing and training of all financial activities.

The agreement is part of the Ministry’s plans to build complementary relationships and strategic partnerships with various sectors and achieve the goals of Vision 2030, including the transformation and national programs.

Earlier this month, the Ministry announced the decision to Saudize six major sectors to create 40,000 new jobs for Saudis. The professions and activities include legal consultancy, lawyer’s offices, customs clearance, real estate activities, the cinema sector, driving schools and technical and engineering jobs.

Minister of Human Resources and Social Development Ahmed al-Rajhi announced that the Ministry aims to create over 203,000 jobs in 2021.

He said the new decisions are a continuation of the Ministry’s strategy to enable localize cadres to secure outstanding jobs. They also aim to provide an attractive and stimulating work environment that is instrumental in attracting more citizens to work in the private sector, and eventually increase their participation in the labor market.

Since the beginning of this year, the Ministry has issued several decisions concerning the Saudization of more sectors: malls, restaurants and cafes, central catering markets, and educational professions in the private sector.

The Ministry issued localizing decisions to support establishments and jobseekers in line with the organized mechanisms and a specific period and target specific professions in vital sectors, such as dentistry, pharmacy, engineering and accounting.

It includes specific jobs, leadership, supervisory jobs, sustainable jobs with growth and development, and jobs for which high-level technical skills are required.

The Ministry clarified that the minimum salary for Saudi men and women working in senior management positions in the operation and maintenance sector in public entities had been fixed at $2,400.

The pay scale will have to increase based on the years of experience in the sector, as stated in the Guide for Saudization for Operation and Maintenance Contracts in Public Entities.

The guide sets the minimum salaries for the engineering and specialist professions at $2,200 and $1,800 for the supervisory posts. Salaries of Saudis in operation and maintenance sector companies are subject to supply and demand.

The job levels in the operation and maintenance sector are divided into six standard levels according to the minimum qualifications and experience required for each group.

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