Saudi General Authority for Statistics (GASTAT) has released the first quarterly labor market bulletin of 2021 through its official website. The press release features estimates based on the Labor Force Survey and statistics from the Ministry of HR and Social Development, GOSI (General Organization for Social Insurance), the HR Development Fund, and the National Information Center.
Following the footsteps of the retail and engineering professions, the Ministry of Human Resources and Social Development in Saudi Arabia has implemented 30% localization of the accounting profession in line with Vision 2030, which came into effect on 12 June 2021. The Nationalization Scheme, or Nitaqat, is a policy adopted by the Ministry of Labour that requires Saudi enterprises to hire local people on a quota basis. The government aims to create more than 9,800 jobs in the private sector by localizing jobs in this profession. This article will dive into details in the Saudization plan, how the government is facilitating it, and what needs to be done to achieve the goal.
Saudi Arabia has opened its borders to the outside world with the newly introduced tourist visa. Saudi Arabia offers visitors a chance to discover and experience warm hospitality, a rich culture, a diverse heritage, and breathtaking landscape views. The government plans to expand the tourist market beyond religious pilgrims to diversify the Saudi economy beyond oil revenues.
Want to open a business in KSA? Here is information about CITC in Saudi Arabia - How it started, what does CITC offer, recent advancements and updates.
Saudi Arabia has set out to become a pioneering and successful global model of excellence on all fronts with its elaborate Vision 2030 plans. Years later, the Kingdom presents itself as a nurturing culture for young businesses and expanding giants.
The world welcomed a new decade with high hopes and a forward-stepping foot in the world of technology, which built up grand opportunities for businesses everywhere. Meanwhile, in China, COVID-19 was about to break borders and send the world into a tailspin.
Due to COVID-19, Saudi Arabia has announced it will postpone the filing and the associated payments of the following taxes for three months.
As a business in the Kingdom, you might be wondering how to stay green within the Nitaqat guidelines that have accompanied Saudization. It is important to know that red-zone companies face business limitations as a result of non-compliance, and as of February 2020, the yellow band of Nitaqat has been canceled; if you do not stay green, you are in the red. Nitaqat and Saudization are essential components of operating in the Kingdom, and without proper knowledge and application of the program, your company is at risk of unnecessary consequences. Many companies are unsure of their Nitaqat requirements and with recent changes such as the cancelling of the yellow zone in Nitaqat make it vital to know.
Saudi Arabia has ushered in an era of entrepreneurship with new opportunities for foreign investors and SMEs, and constantly-updated regulations to match.
As of the third quarter of 2019, Saudi nationals occupied nearly 24% of the workforce. It was considered a slight, but quick increase from the first quarter of the same year. This is an indicator that what the Vision 2030, along with Saudization are accomplishing is vitalizing the young society of Saudi Arabia, increasing their involvement in the workforce and bringing new and exciting elements of art and culture into their lives.