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FINANCIAL NEWS
Nitaqat fails to achieve job Saudization target
12 Dec 2011
(MENAFN) Saudi ministry of labour said that almost 50 percent of the companies working in the kingdom are following government’s new rules to up Saudi workforce levels, Emirates 24/7, reported.
The ministry’s report said that around six million expatriates still dominate jobs in the kingdom’s private sector while nearly one million Saudis remain unemployed despite economic recovery.
This marks the failure of the government’s latest and most aggressive job Saudization initiative named Nitaqat.
The initiative divides private sector establishments into two main categories-excellent and green firms with high Saudi work force percentage, and yellow and red with low Saudi percentage, which risk of losing new work visas.
The ministry lately unveiled plans to encourage the private sector to recruit more Saudis, and also encourage the Saudis to keep their jobs.
Labour minister Adel Faqih said foreigners work in the Saudi private sector account for around 90 per cent of the sector’s total work force.
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