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.
In the Name of Allah, the Most Gracious, the Most Merciful
Saudi Central Bank Headquarters
Exchange Centers Supervision Department Ref: 18910/41 Date: 1441/03/21 Attachments: None
Circular
Subject: Inquiry from Several Exchange Centers Regarding the Inclusion of Saudi Citizens' Sons/Daughters in Saudization
Dear Sirs,
Peace, mercy, and blessings of God be upon you,
Further to Circular No. 21755/41 dated 06/04/1440H regarding the restriction of all positions within the exchange centers sector to Saudi nationals and the necessity of qualifying Saudi employees and enrolling them in appropriate training programs aligned with their job nature, with the total timeframe for Saudizing all positions not exceeding one year from its issuance date, and based on inquiries received by the Bank regarding whether a Saudi citizen's son or daughter may be counted toward Saudization quotas in accordance with the decision of the Ministry of Human Resources and Social Development,
We inform you that categories treated equivalently to Saudi nationals must be counted toward Saudization ratios, as determined by the Ministry of Human Resources and Social Development, and this must be explicitly disclosed in the reports submitted to the Bank. Exchange centers are required to continuously verify compliance and adhere to all directives issued by the Ministry of Human Resources and Social Development on this matter. This is for your information and necessary action.
Yours sincerely,
Fahd bin Ibrahim Al-Shathri Deputy Governor for Supervision
Distribution Scope: Exchange Centers Operating in the Kingdom (A, B) Bin Suwaidan
P.O. Box 2992, Riyadh 11169, Tel: 011 4633000