Business & Money | Thursday 24 January, 2019 6:00 am |

A memorandum of cooperation (MoC) was signed on Wednesday to localize 80,000 jobs for men and women in the real estate and contracting sectors starting this year until the end of 2020. 

The MoC aims to increase the Saudization rate and motivate growth in the real estate and contracting sectors. 

It was signed by the Ministry of Labor and Social Development, the Housing Ministry, the Human Resources Development Fund (HRDF), the Council of Saudi Chambers (CSC) and the Saudi Contractors Authority (SCA).

The signing ceremony was attended by Housing Minister Majed Al-Hogail, Labor and Social Development Minister and HRDF Chairman Ahmed bin Suleiman Al-Rajhi, Deputy Labor and Social Development Minister Dr. Abdullah bin Nasser Abuthnain, and SCA Chairman Osama bin Hassan Al-Afaliq, among others.

Under the MoC, the partners will work to localize human capital in the real estate and contracting sectors, providing job opportunities for Saudis, and improving employees’ skills.

The MoC’s clauses provide for coordination between the relevant parties to monitor the impact of Saudization on the sectors, issue legislation and regulations to achieve targets, and increase employment rates. 

The partners agreed to form a joint team of specialists to develop a working mechanism, provide a detailed plan to ensure effective implementation, and submit regular progress reports.