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Saudization: SR 20,000 penalty on each expatriate working in the Gold sector

Saudization: SR 20,000 penalty on each expatriate working in the Gold sector

RIYADH: A fine of SR20,000 will be slapped on each expatriate employed in gold and Jewellery shops.

According to Saudi Gazette reports, the penalty amount should be paid by their respective company or owners of the establishment that employed expatriates, said Khaled Aba Al-Khail, spokesman of the Ministry of Labor and Social Development.

The law will be applied after the Dec. 3 deadline when 100% Saudization of the sector comes into force.

Permanent field inspectors will be appointed who will make a surprise visit of malls or market’s owners in order to track down the violators and will impose heavy fine and punished for going against the law.

As per the available data, there are over 6,000 gold and jewelry shops and exhibitions in the Kingdom that employ about 23,000 to 25,000 workers including expatriates and few of them own the shops.

“The success of Saudization depends on the success of fighting corruption. Many owners of gold and jewelry shops and showrooms are foreigners,” Al-Namir told Al-Madina Arabic newspaper.

“Many of the shops are in the name of Saudis but they are actually owned by expats. Some foreigners have entered into partnership business with Saudis,” he explained.