Riyadh Bank building in Riyadh. Around 88 per cent of jobs in Saudi Arabia’s finance sectors have been localised, an official said. Image Credit: Rex Features

Cairo: Around 88 per cent of jobs in Saudi Arabia’s finance sectors have been localised, according to an official, as the country is seeking to create more jobs for its citizens.

“Localisation in the finance sectors has reached 88 per cent,” Assistant Undersecretary for Labour Affairs at the Ministry of Human Resources Faisal Al Dafian told Saudi television Al Ekhbariya.

“Meanwhile, the localisation rate in the banking sector has topped 94 per cent,” a matter that emphasises ability of our young people to undertake their assignments competently,” he added without giving specific figures.

The Ministry of Human Resources has launched the Saudisation Nitaqat programme designed to provide 340,000 jobs for citizens by 2024.

The programme seeks to strike a balance between the number of employees and required Saudisation rates through categorising establishments based on achieving Saudisation targets. Nitaqat aims at providing attractive job offers to the Saudis and boosting labour market efficiency.

In recent years, Saudi Arabia has unveiled a series of initiatives to employ its nationals and replace foreign workers in several fields including education and telecommunications.

Earlier this month, the Ministry of Human Resources disclosed a plan to localise the kingdom’s real estate sector, designed to provide over 11,000 jobs for the Saudis. A related decree will take effect in September.

Foreigners make up about 10.5 million of Saudi Arabia’s total population of 34.8 million.