Saudi Arabia reports 11.7M Umrah performers in Rabi’ Al-Thani

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Saudi Arabia’s Ministry of Human Resources and Social Development (HRSD), in cooperation with the Ministry of Commerce, begins today, Oct. 27, the implementation of the first phase of localizing accounting professions.

The first phase targets establishments that employ five or more accountants, requiring the localization of 40% of accounting positions in these establishments.

 The decision will be implemented gradually over several phases within five years, with the goal of reaching a 70% localization rate by the end of the specified period.

Only accountants certified by SOCPA will be counted toward these quotas.

To count the Saudi accountant within the required localization percentage, their monthly wage registered with social insurance (the contributory wage) must not be less than SAR 6,000 for bachelor’s degree holders or equivalent and SAR 4,500 for diploma holders or equivalent. A Saudi accountant earning less than this will not be counted in the localization percentage in this decision.

The decision applies to all targeted professions, including financial affairs and accounting manager, financial manager, accounts and budget manager, accounts manager, financial reporting department manager, tariff accounts manager, Zakat and tax department manager, treasury manager, internal audit department manager, budget manager, general audit department manager, audit manager, head of internal audit programs, internal audit manager, financial controller, collection manager, senior financial auditor, treasury manager, financial audit supervisor, and cost accountant.

Other targeted professions include financial audit supervisor, financial controller, senior financial auditor, internal auditor, general accountant, accounts clerk, cost accountant, auditor, financial budget specialist, internal auditor, tax accounts specialist, general accounting technician, certified public accountant, audit technician, tax officer, cost accounting technician, accounts assistant, cost clerk, inventory control specialist, finance clerk, warehouse specialist, bookkeeping clerk, and inventory controller.

A package of incentives and support will be provided to assist private sector establishments in employing Saudi accountants, including support for recruitment and sourcing suitable candidates, support for training and qualification, employment and job stability support, and priority access to all available localization support programs.