2021 Q1 Labor Statistics Released: Saudi unemployment rate decreases

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.

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Accounting Nationalization: Welcome move to achieve long-term benefits

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. 

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KSA Tourist Visa Guide: Everything you need to know

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.

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Nitaqat: Stay Green

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. 

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Saudization Plan News: Numbers and Analysis

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.

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