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FINANCIAL NEWS
Saudi to offer companies incentives when hiring Saudis
13 Jun 2011
(MENAFN) Saudi Labor Ministry said that private companies in the Kingdom would enjoy incentives when they would employ Saudis, reported Xinhua News.
The ministry added that starting September, companies would be located in the green and premium categories and would gain incentives under the new Nitaqat system if they kept hiring Saudi nationals.
It also said that it would give companies in the yellow categories a nine month grace period to employ more Saudis; in addition, these companies wouldn’te able to extend permits for foreigners beyond 6 years.
It is worth noting that the plans for new jobs aim to put down any grievances over jobless rates in the Saudi Arabia, which has witnessed small scale protests by jobless university graduates and teachers over jobs and better pay.
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