Posted by : Aahil Shaik Sunday, September 9, 2018
MOST OF THE SHOPS CLOSE DOWN IN SAUDI ARABIA, AS THE DATE OF SAUDIZATION NEARS
Most of the shops in Saudi Arabia are shutting down as the date of Saudization nears for some retail businesses in the Kingdom. Trending : Inspections on Saudization to begin from September 11
As the first phase of Saudization to start from Islamic new year 1440 (September 11), In the stores of Car and Motorcycle, clothing, furniture and kitchen utensils and home appliances shops. Recommend : Employing expats gets expensive than employing Saudi citizens
- Inspection teams to inspect in these 4 retail sectors, 70% of employees in these stores should be Saudi employees, Employers who failed to employ nationals will face heavy fines.
- Some stores in Riyadh, Madina and Dammam have already nationalize their workforce as the Ministry of Labor and Social Development begins inspections to ensure its compliance. See Also : Expats to replace with Saudis in these sectors
- However, In the first phase itself a number of shops have been forced to shut down as they are heavily depend on expatriate employees.
- After the completion of 3rd phase of Saudization, Saudi retail market is estimated at around 375 billion Saudi Riyals and can create a million job opportunities. Read : Update passport data using Absher app in Saudi Arabia
- Earlier, Saudi Arabia has already enforced strict Saudization in sectors like Car rental offices, gold and jewelry stores, mobile accessories and female specific items.
- Saudization plan is in line with Saudi vision 2030 aiming to create rewarding incentives to develop small and medium businesses.