Regulatory Alerts2019-11-21
Inquiry on Calculating Saudi Citizens' Children for Saudization Quotas
The Saudi Central Bank clarifies that Saudi citizens' children are not automatically counted toward exchange centers' Saudization quotas unless officially classified as equivalent to Saudi nationals by the Ministry of Human Resources and Social Development. Exchange centers must verify the Ministry's official determinations, explicitly disclose these classifications in their regulatory reports, and strictly adhere to all subsequent Ministry directives on the matter. This directive reinforces the Bank's prior mandate requiring all exchange center positions to be filled by Saudi nationals within one year of the original circular's issuance.
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