New Rules In Financial Sector Focused On Increasing Local Worker Participation

At a Glance

• The Saudi Arabian Monetary Authority (SAMA) issued regulations by which companies under its purview (including banks, insurance and financial technology firms) must abide when recruiting and employing individuals in leadership positions.
• The regulations aim to ensure that skilled individuals are employed in executive positions and to increase the employment of skilled Saudi nationals.
• SAMA also issued a list of professions in the financial sector that are now restricted to Saudi nationals.

The situation

The Saudi Arabian Monetary Authority (SAMA) issued regulations by which companies under its purview must abide when recruiting and employing individuals in leadership positions in the financial sector.