The Saudi Arabian Monetary Agency (SAMA) has ordered insurance companies in the Kingdom only to employ Saudi citizens in marketing roles related to the sale of their products. A statement from the agency said on Sunday that non-Saudis are, “Prohibited from selling or marketing insurance products to individuals whatever their job titles or contractual relations with insurance companies or intermediary companies or insurance agencies.”
According to the statement, companies must complete the transition to a full Saudi workforce by no later than early February next year. All management positions at all levels must also be Saudi nationals.
The unemployment rate among Saudi citizens increased from 12.7 per cent during the first quarter of 2017 to 12.8 per cent at the end of the second quarter. The slight rise coincided with government austerity measures as a result of falling oil prices, the Kingdom’s main source of income.
For nearly three years, Saudi Arabia has accelerated the pace of the “Saudi-isation” of jobs in many sectors, with the aim of reducing the unemployment rate among its citizens.