Saudi banks to hire nationals in exec roles: Regulator

As a governmental initiative to expand the employment of Saudi citizens, the Saudi Central Bank has asked financial institutions across the country to hire Saudi nationals in leadership roles. 

If they end up hiring a foreign national for the leadership roles in the country’s financial institutes, the concerned bank would have to explain the reasoning behind that particular hiring decision to the regulator. 

“This step comes as part of the efforts of SAMA to nationalise leading positions in financial institutions under its mandate in accordance with Vision 2030,” the Saudi Arabian Monetary Authority (SAMA) said. 

The Saudi government’s Vision 2030 encompasses a series of economic reforms wherein the nation’s economy will be weaned off oil revenues and boost local employment. 

Image source: Ashard Al-Awsat