RIYADH: The rate of Saudization in financial market institutions was recorded at 77 percent in the fourth quarter of 2022, according to figures released by the Kingdom’s market regulator.
The Capital Market Authority’s quarterly bulletin also gave details about Saudization in other sectors. According to the data, the rate of Saudization in the market’s key infrastructure institutions climbed 91 percent in the fourth quarter compared to 90 percent in the same quarter of 2021.
Meanwhile, the rate of Saudization in credit rating agencies reached a new high of 44 percent in the fourth quarter of 2022, up from 26 percent the year before.
The report said that the rate of Saudization in financial technology firms reached 76 percent, up from 73 percent in the fourth quarter of 2021.
It said assets managed in capital market institutions totaled SR743.3 billion in the fourth quarter of 2022. The number of public and private investment funds surged by 25 percent, reaching 941, up from 751 in the fourth quarter of 2021.
The Ministry of Human Resources and Social Development has indicated that it will expand the Saudization campaign to include new professions and activities, including project management, procurement and sales outlets, shipping and freight brokerage outlets, and decor and women’s tailoring businesses.
The localization drive, which aims to create more job opportunities for young Saudi men and women, is currently in various stages of execution.
