SAGIA extends investment license validity to 5 years

The Saudi Arabian General Investment Authority (SAGIA) has introduced an extension on the renewed licenses to five years. This service is available to all entities that are licensed by SAGIA and want to extend their license to a five-year period.

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Important updates from the Saudi Council of Engineers

The Saudi Council of Engineers has announced an important update to the renewal of Iqamas in the Kingdom. From May 29, 2017 it’s mandatory for some technicians (listed below) to be registered with Saudi Council of Engineers to secure their Iqama or renewal of their Iqama. The Saudi Council of Engineers is dedicated to ensuring the growth of the industry, the continuous development of the engineers skills and to remain current in their field. The current list is expected to expand although a date for this has not been announced.

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What is Nitaqat?

Over the past few decades, Saudi Arabia has relied on expatriates to fill the workforce, however, with currently over half the Saudi population below the age of 35, there’s been an influx of graduates seeking work. Saudization is a solution the government initiated to increase recruitment of Saudi nationals, and Nitaqat is the newest program of this.

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How outsourcing can help your company’s efficiency

According to the survey, the total working-age population's unemployment rate (Saudis and non-Saudis 15 years of age and older) decreased from 7.4% in the last quarter of 2020 to 6.5% in the first quarter of 2021. Furthermore, the Saudi unemployment rate (males and females 15 years and above) decreased to 11.7% in the first quarter of 2021, from 12.6% in the fourth quarter of 2020. Saudi Arabia's total unemployment rate is 0.1% lower than in the same period last year, which is below its pre-COVID level.  The report further shows that during the first quarter of 2021, the unemployment rate for the total male population of Saudi Arabia dropped to 3.7%, compared to 4.0% in the previous quarter. Overall, the female unemployment rate declined from 20.2% in the fourth quarter of 2020 to 16.1% in the first quarter of 2021.  According to Labor Force Survey estimates, the unemployment rate for Saudi males was 7.2% in the first quarter of 2021, compared to 7.1% in the fourth quarter of 2020, while the unemployment rate for Saudi females was 21.2% in the first quarter of 2021, compared to 24.4% in the previous quarter. The overall Saudi unemployment rate dropped to 11.7% in the first quarter of 2021, from 12.6% in 2020 Q4. It is now below pre-pandemic levels. 

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