The Saudization rate in the banking sector has reached over 90 percent, Saudi Press Agency (SPA) reported, citing Fahad Ibrahim Alshathri, deputy governor for Research and International Affairs at the Saudi Arabian Monetary Authority (SAMA).

 

The insurance and finance sectors have reached a Saudization rate of about 60 percent, he added.

 

Last month, SAMA governor Ahmed Abdulkarim Alkholifey said that the Kingdom’s insurance companies will have to train Saudis and hire them in technical and leading positions, after completing Saudization of the claims and customer care departments.

 

Earlier this year, SAMA ordered insurance firms to achieve a 100 percent Saudization rate latest by July 2, 2017.

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