Saudi nationalization program to create 1 mln jobs in 15 years

Saudi  Arabia’s proposed nationalization program, coming up for voting in the Shura Council this week, is anticipated to create over a million jobs for nationals over the next 15 years, Saudi Gazette reported, citing council member Abdulrahman Al-Rashid.

The proposal includes the formation of a high commission, which will aim to further develop the kingdom’s workforce and cut down reliance on foreign imports, while boosting national output.

Local production would increase competition in the Saudi market and boost the economy, Al-Rashid said, adding that a job nationalization program would also benefit the private sector and small and medium enterprises (SMEs).

“Billions of riyals are spent annually to meet the needs of government projects. This money could be saved and spent more productively… if the manufacturing sector is nationalized and if there is no need to import goods and equipment from abroad,” he noted.

Moreover, the commission would prioritize Saudi contractors, while foreign contractors would have to give their local partners a minimum of 30 percent in profits, he added.