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SAMA teams up with Ministry of Human Resources and Social Development and Human Resources Development Fund
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Some estimates believe that the initiative could create 200,000 jobs
If the Saudi Central Bank’s (SAMA) plan to increase the number of locals working in the financial sector succeeds, it could end up creating nearly 200,000 jobs for Saudi citizens. In this connection, SAMA has signed an agreement with other government entities to bring the plan to fruition.
SAMA signed a memorandum of understanding (MoU) with the Ministry of Human Resources and Social Development (HRSD), in partnership with the Human Resources Development Fund (Hadaf), SPA reported on Monday.
“This MoU aims to increase localization, provide human competencies capable of meeting the requirements of the financial sector, and create more than 203,000 jobs in the sector,” independent economist Fadhel Al Buainain told Arab News.
The measures will establish sustainable strategic steps to ensure the creation of more jobs and prepare young people to fill them, he said.
For decades, the Saudi financial sector was made up only of banks, but since the entry of new financial entities such as investment institutions, financial companies and the insurance sector, localization of jobs has become more important, to achieve sufficiency, strategic security and address unemployment, said Al Buainain.
Supporting specialized financial colleges and creating a college for banking sciences are among the tools that will help achieve the sector’s localization goals, he said.