October 13, 2019 / 11:16 AM / a month ago

Saudi banks told to hire nationals in executive roles, regulator says

DUBAI, Oct 13 (Reuters) - Financial institutions in Saudi Arabia should hire Saudi nationals for leading positions and, if they hire foreigners, they will have to explain the reason to the regulator, the Saudi central bank said on Sunday.

The move is part of a wider governmental push to replace expatriate workers with Saudi citizens.

“This step comes as part of the efforts of SAMA to nationalise leading positions in financial institutions under its mandate in accordance with Vision 2030,” the Saudi Arabian Monetary Authority (SAMA) said.

Vision 2030 is a programme of economic reforms aimed at weaning the Saudi economy off oil revenues and boost employment. (Reporting by Nafisa Eltahir, editing by Davide Barbuscia)

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