Jobs boost for Saudi citizens in engineering roles

Employment of Saudi citizens in the engineering sector is set to increase under plans announced by the Ministry of Human Resources and Social Development. (Supplied)
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Updated 21 July 2024
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Jobs boost for Saudi citizens in engineering roles

  • The new policy comes into effect on July 21 will affect private sector companies employing five or more workers in engineering roles

RIYADH: Employment of Saudi citizens in the engineering sector is set to increase under plans announced by the Ministry of Human Resources and Social Development.

In a joint initiative with the Ministry of Municipal and Rural Affairs and Housing, the ministry will implement a 25 percent localization quota for engineering professions, the Saudi Press Agency reported.

The new policy comes into effect on July 21 will affect private sector companies employing five or more workers in engineering roles.

The initiative is part of the Kingdom’s broader strategy to create more attractive and productive job opportunities for Saudi nationals across the country.

The Ministry of Municipal and Rural Affairs and Housing will take charge of monitoring and implementing the policy.

According to SPA, the ministry aims to ensure that the localization efforts align with labor market demands and the specifics of engineering specializations.

To support this transition, the government is offering a range of incentives and support programs to private sector establishments. These include support for recruitment, candidate search, necessary training and qualification, employment, and long-term employment stability.

Companies complying with the new regulations will also gain priority access to various localization support programs and employment initiatives through the Human Resources Development Fund (HADAF).

The Ministry of Human Resources and Social Development has published a detailed procedural guide on its website, outlining the localization process, affected professions, and required quotas. Officials have stressed the importance of adherence to these new regulations, warning that non-compliant establishments will face legal consequences.


The Family Office to host global investment summit in Saudi Arabia

Updated 4 sec ago
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The Family Office to host global investment summit in Saudi Arabia

RIYADH: The Family Office, one of the Gulf’s leading wealth management firms, will host its exclusive investment summit, “Investing Is a Sea,” from Jan. 29 to 31 on Shura Island along Saudi Arabia’s Red Sea coast.

The event comes as part of the Kingdom’s broader Vision 2030 initiative, reflecting efforts to position Saudi Arabia as a global hub for investment dialogue and strategic economic development.

The summit is designed to offer participants an immersive environment for exploring global investment trends and assessing emerging opportunities and challenges in a rapidly changing financial landscape.

Discussions will cover key themes including shifts in the global economy, the role of private markets in portfolio management, long-term investment strategies, and the transformative impact of artificial intelligence and advanced technologies on investment decision-making and risk management, according to a press release issued on Sunday.

Abdulmohsin Al-Omran, founder and CEO of The Family Office, will deliver the opening remarks, with keynote addresses from Saudi Energy Minister Prince Abdulaziz bin Salman and Prince Turki Al-Faisal, chairman of the King Faisal Center for Research and Islamic Studies.

The press release said the event reflects the firm’s commitment to institutional discipline, selective investment strategies, and long-term planning that anticipates economic cycles.

The summit will bring together prominent international and regional figures, including former UK Treasury Commercial Secretary Lord Jim O’Neill, Mohamed El-Erian, chairman of Gramercy Fund Management, Abdulrahman Al-Rashed, chairman of the editorial board at Al Arabiya, Lebanese Minister of Economy and Trade Dr. Amer Bisat, economist Nouriel Roubini of NYU Stern School of Business, Naim Yazbeck, president of Microsoft Middle East and Africa, John Pagano, CEO of Red Sea Global, Dr. Anne-Marie Imafidon, MBE, co-founder of Stemettes, SRMG CEO Jomana R. Alrashed and other leaders in finance, technology, and investment.

With offices in Bahrain, Dubai, Riyadh, and Kuwait, and through its Zurich-based sister company Petiole Asset Management AG with a presence in New York and Hong Kong, The Family Office has established a reputation for combining institutional rigor with innovative, long-term investment strategies.

The “Investing Is a Sea” summit underscores Saudi Arabia’s growing role as a global center for financial dialogue and strategic investment, reinforcing the Kingdom’s Vision 2030 objective of fostering economic diversification and sustainable development.