{"id":84511,"date":"2024-03-19T00:00:00","date_gmt":"2024-03-19T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/ksa\/2024\/03\/19\/foreign-investors-to-be-classified-as-saudis-in-saudization-rates\/"},"modified":"2024-03-19T00:00:00","modified_gmt":"2024-03-19T00:00:00","slug":"foreign-investors-to-be-classified-as-saudis-in-saudization-rates","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/ksa\/2024\/03\/19\/foreign-investors-to-be-classified-as-saudis-in-saudization-rates\/","title":{"rendered":"Foreign investors to be classified as Saudis in Saudization rates"},"content":{"rendered":"

Blending foreign investors in:<\/strong>Foreign investors are set to be classified as Saudis under the government\u2019s Saudization program, Okaz<\/a> reported. The scheme was approved by the Human Resources and Social Development Ministry\u2019s Qiwa platform, which aims to facilitate setting up and operating businesses here.<\/p>\n

SMART POLICY- <\/strong>When implemented, foreign business owners would be labeled as Saudis when calculating Saudization rates in firms. This would allow for relaxed Saudization requirements in leadership roles held by non-Saudis. Saudization has been gaining momentum lately across various sectors with targets for engineering and transport-related jobs recently introduced. The government hopes its Saudization quotas applied through several industries would boost local employment to 70% by 2030.<\/p>\n

Other exceptions: <\/strong>The platform also classified children of Saudi women married to non-Saudis under the Saudization program. Non-Saudi mothers of citizens and non-Saudi widows whose husbands were Saudi will also be counted, as well Gulf nationals and athletes or players. <\/p>\n

Watch this space: <\/strong>Some nationalities, including Palestinians holding Egyptian passports and members of the indigenous Baloch community and Southeast Asian ethnic group Bamar, will be calculated at a lower proportion when measuring Saudization rates.<\/p>\n

In perspective:<\/strong> Hiring four Palestinians would be equal to one Saudi provided that the Palestians do not account for over 50% of the total workforce, according to Okaz. A similar classification would be applied on workers from Bamar across the Kingdom except for Makkah and Madinah.<\/p>\n

It\u2019s part of a steady drive to attract skilled foreign residents to the Kingdom<\/strong> after officials unveiled earlier this year<\/a> its new special talent residency program for priority sectors including healthcare, digital technologies, financial services, advanced manufacturing, energy, mining, logistics, tourism infrastructure and others. A hunt for talent has pushed the government to recently reconsider<\/a> monthly fees applied since 2017 for the dependents of expats. <\/p>\n","protected":false},"excerpt":{"rendered":"

Saudization has been gaining momentum lately across various sectors<\/p>\n","protected":false},"author":1,"featured_media":84512,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[2768],"tags":[10,110,648,1554,685],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-84511","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-saudization","tag-enterpriseam-ksa","tag-foreign-direct-investment","tag-human-resources-and-social-development-ministry","tag-nitaqat-mutawar-program","tag-saudization","wpautop","entry"],"acf":{"mongo_id":"4e690d3f-b804-4ec8-97cc-9fccb1cef238","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/3\/1610.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Foreign investors to be classified as Saudis in Saudization rates","related_issue":[84504],"teaser":"Saudization has been gaining momentum lately across various sectors","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/3\/.3e86c2c4-93b7-4ffb-b2ad-926d18ed9a93.mp3"},"yoast_head":"\nForeign investors to be classified as Saudis in Saudization rates - 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