Nine Economic Activities to Be Saudized by 70%

Nine Economic Activities to Be Saudized by 70%

The Saudi Ministry of Labor and Social Development issued a ministerial order to “Saudize” wholesale and retail operations. This will include nine economic activities by 70% starting August 20.

Saudi Vision 2030 aims to ultimately reduce unemployment to 7% and 9% by the end of this year. This will be through an economic reform program that targets providing 450,000 jobs for the Saudis.

The ministerial order seeks to boost the citizens’ participation in the labor market. Besides, creating more job opportunities throughout the Kingdom, said the ministry. It also stressed that it is taking all required procedures to guarantee that establishments implement this decision.

The order includes nationalizing activities related to the selling of coffee, tea, honey, sugar, spices, water, drinks, fruits, vegetables, dates, wheat, seeds, flowers, plants, agricultural material, books, stationary, meat, fish, eggs, diaries, plant oils, detergents, soap and plastics. It also covers gifts, luxury, crafts and toy stores.

Saudi Arabia also launched efforts to nationalize jobs in recent years, which has created thousands of opportunities in several economic sectors. The effort aimed to raise the number of Saudis working in the private sector and decreasing unemployment.

In August 2018, the Ministry of Labor and Social Development signed an agreement with 18 government bodies to nationalize 11 new sectors in the country. They included professions in the medical, accounting, legal, tourism, retail, transportation, contracting, industry, trade, engineering fields and others.