Saudi Central Bank steps up efforts to increase locals in financial sector

MoU aims to increase localization, provide human competencies capable of meeting the requirements of the financial sector, and create more than 203,000 jobs in the sector

  
An employee counts Saudi Riyals bills at a money exchange office in central Cairo, Egypt, March 20, 2019. Image for illustrative purposes.

An employee counts Saudi Riyals bills at a money exchange office in central Cairo, Egypt, March 20, 2019. Image for illustrative purposes.

REUTERS/Mohamed Abd El Ghany
 
RIYADH: The Saudi Central Bank (SAMA) has signed an agreement with other government entities to increase the number of locals in the financial sector, a move that might lead to the creation of more than 200,000 jobs for nationals.

SAMA signed a memorandum of understanding (MoU) with the Ministry of Human Resources and Social Development (HRSD), in partnership with the Human Resources Development Fund (Hadaf), SPA reported on Monday.

“This MoU aims to increase localization, provide human competencies capable of meeting the requirements of the financial sector, and create more than 203,000 jobs in the sector,” independent economist Fadhel Al Buainain told Arab News.

The measures will establish sustainable strategic steps to ensure the creation of more jobs and prepare young people to fill them, he said.

For decades, the Saudi financial sector was made up only of banks, but since the entry of new financial entities such as investment institutions, financial companies and the insurance sector, localization of jobs has become more important, to achieve sufficiency, strategic security and address unemployment, said Al Buainain.

Supporting specialized financial colleges and creating a college for banking sciences are among the tools that will help achieve the sector’s localization goals, he said.

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