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FINANCIAL NEWS
Saudi- Nitaqat creates 411k private sector jobs for nationals
16 May 2013
(MENAFN) Saudi Undersecretary of the Ministry of Labor, Ahmed Al-Humaidan, announced that since the introduction of the nitaqat program in 2011, 411,000 Saudis have been employed in the private sector, reported Arabian Business.
Al-Humaidan added that the program, aimed at nationalizing the Kingdom’s workforce, managed to lower jobless rate among nationals to 12.1 percent at the end of last year.
According to the nitaqat program, employers that do not abide by the issued quotas to recruit Saudis face hiring restrictions and fees.
It is worth noting that Saudi Arabia’s Saudization program is estimated to cost the private sector USD3.9 billion this year, according to a report published last week.
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BBK’s General Assembly Approves 35% Cash Dividend Distribution to Shareholders
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