The Saudization Ratio Calculation Mechanism in Prudential Data
| No: 391000041142 | Date(g): 28/12/2017 | Date(h): 10/4/1439 | Status: In-Force |
Effective from Jan 01 2018 - Dec 31 2017
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Based on the powers granted to the Central Bank under the Banking Control Law issued by Royal Decree No. M/5 dated 22/02/1386 AH, and the Financing Companies Control Law issued by Royal Decree No. M/51 dated 13/08/1433 AH, and in response to inquiries received by the Central Bank regarding the mechanism for calculating Saudization and its relation to directives issued by the Ministry of Labor and Social Development in this regard.
We inform you that all Saudi citizens must be counted, along with the categories treated as Saudis—according to what is issued by the Ministry of Labor and Social Development—and this must be disclosed through the precautionary data form submitted to the Central Bank. Financial institutions should ensure verification and compliance with what is issued by the Ministry of Labor and Social Development in this regard, and reflect that periodically on the aforementioned form, notifying the Central Bank of any updates made in this regard.
Please take note and act accordingly, starting from the first quarter of 2018.