Saudi Arabia’s $63.2bn Diriyah giga-project secures $533m financing for branded residences
Diriyah Company has secured $533m financing from Arab National Bank for branded residences within Saudi Arabia's $63.2bn Diriyah giga-project
The Ministry of Human Resources and Social Development in Saudi Arabia has announced a significant increase to its Saudization rate for project management positions in the private sector. Effective from February 14, 2027, the target will be set at 70% for these roles. This decision, made in collaboration with the Ministry of Municipal and Rural Affairs and Housing, aims to boost the presence of national talent in specialized occupations and advance the objectives of Saudi Vision 2030.
Applicable to all private sector entities with three or more staff members in targeted professions, the 70% Saudization rule covers project management director, project management engineer, and project management specialist roles as identified by the Saudi Standard Classification of Occupations. To facilitate the implementation of this new rule, the ministry has provided a detailed procedural guide outlining the targeted professions, implementation methods, Saudization calculation techniques, and compliance mandates.
This resource is accessible on the ministry's website to assist businesses and employers in understanding and adhering to the updated regulations.
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