The Saudi Arabian Monetary Authority (SAMA), the Kingdom’s central bank and insurance regulator, said it will not extend the grace period for Saudizing administrative and customer service jobs at insurance companies and that defaulters will be punished.
Company officials said they have completed procedures to Saudize jobs as demanded by SAMA. Some companies said they required some more time to comply with the decision.
“SAMA will not provide additional time for insurance companies to appoint Saudis in specific jobs,” said Salah Al-Jubeir, chairman of the insurance committee at Asharqia Chamber.
“Companies will be held responsible for any negligence in this matter,” he said, adding that most companies are capable of implementing the decision thanks to their strong financial position.
He emphasized the plan to Saudize all jobs in the sector gradually to solve unemployment problem. “We intend to Saudize technical and leadership jobs in the next phase,” he added.