Appoint Saudis to senior roles, foreign firms told

Foreign companies in Saudi Arabia must appoint Saudi nationals to leadership positions under new rules unveiled by government, it was reported on Sunday.

The Saudi government last month announced that foreign investors are permitted to own 100 percent of retail and wholesale busineses in the kingdom for the first time. Previously, the maximum they could own was 75 percent.

However, Arab News reported this week that firms intending to take advantage of the new foreign ownership rules must recruit Saudi nationals to key senior positions as a prequisite to receiving an operating licence.

The report did not specify which or how many leadership positions would go to Saudi citizens.

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