The Financial sector (banks & insurance companies) of Saudi Arabia has announced to implement 100% Saudization replacing 91,000 expats with Saudis.
The current Saudization level in this sector is 83.1% with a total workforce of around 538,000 out of which 91,000 are expats.
Currently, around 1% of the total expat workforce of Saudi Arabia is working in the financial and insurance sector. It is expected that around 91,000 expats (87,600 male and 3,400 females) would be terminated by these companies within no time.
Expats working in the financial sector were expecting the decision of 100% Saudization but it came a bit earlier than their expectation.
What is Financial Sector?
It is worth noting that the financial sector here pertains to banks, investment companies, and insurance companies.
It does not apply to the expats working in the finance department of other industries such as FMCG or real estate.
Saudization in other sectors
Since the beginning of this year, Saudization has been announced for many sectors and job professions which includes;
- 100% Saudization in shopping malls.
- 50% Saudization in Pharmacy Jobs.
- 30% Saudization in the accounting profession.
- 25% Saudization in the IT sector.
- 20% Saudization in Engineering Jobs.
Source: Saudi Gazette