Ministry of Investment in Saudi Arabia recently revealed that the new entities in the Kingdom increased by a whopping 108 percent during the first half of 2021, compared to 509 during the same period last year, according to media reports. The ministry also stated that foreign entities accounted for 55 percent of the total 1,054 entities in the first half of 2021 while joint ventures with Saudi partners accounted for 45 percent of the total.
Additionally, foreign entities also accounted for 73 percent of the total 509 in the first half of 2021 and the joint ventures of Saudi partners were accounted for the remaining 27 percent.
The second quarter of 2021 also registered remarkable growth in the total number of issued licenses by 21 percent when compared to the first quarter of 2021, which was followed by a 20 percent increase in industrial growth.
Recently, Saudi Central Bank (SAMA) made headlines for signing an agreement with other government entities to increase the number of locals in the financial sector, according to media reports. This move is expected to create more than 200,000 jobs for nationals. SAMA signed a memorandum of understanding (MoU) with the Ministry of Human Resources and Social Development (HRSD), along with the Human Resources Development Fund (Hadaf).
For a long time, the Saudi financial sector was made up of banks, but since the entry of new financial entities such as investment institutions, financial companies and the insurance sector, local jobs have increased in importance to achieve sufficiency, strategic security and address unemployment.