Riyadh: The Kingdom of Saudi Arabia decided to Saudize 30 percent of the accounting jobs in private sectors.
It was announced by Ahmad Al-Rajhi, the Saudi minister of human resources and social development.
Decision to impact these accounting jobs in Saudi Arabia
As per the decision that will come into effect from January 2021, these jobs include, account director, director of Zakat and tax department, director of financial reports department, director of auditing department, internal auditor and cost accountant.
The condition will be applicable on the private firms employing at least five accounting jobs. The decision is likely to create 9800 employment opportunities for the locals.
Apart from it, it is also specified that Saudi accountant holding bachelor degree must get SR 6000 as their monthly salary whereas, if they are diploma holder, a remuneration of SR 4500 should be paid per month.
Although the decision will ensure employment for Saudi citizens, it may reduce the job opportunity of expats from Asian countries especially India, Pakistan and Bangladesh.
It may be mentioned that many Middle East countries including Kuwait, Oman, Saudi Arabia are trying to increase employment opportunities for their citizens by putting caps or legislative hurdles for expats.
What is Saudization?
It is officially known as Nitaqat. Under this policy of the Ministry of Labor and Social Development, Saudi companies and enterprises are instructed to hire locals instead of expats.
Saudi political elites favor the policy whereas, businessmen oppose it.
Now, the Ministry is going to Saudize 30 percent of accounting jobs in Saudi Arabia