Proof that there are still opportunities in Saudi for expat bankers, for now

As an expat, getting a job in Saudi is now more of an uphill struggle. The increased focus on training nationals and more aggressive Saudization initiatives have meant the door is increasingly closed to those from outside the kingdom.

However, despite the rhetoric about increasing the headcount of nationals, the banking sector is still largely reliant on expat talent. As the chart below shows, non-Saudis make up nearly 90% of the workforce in the finance, insurance and real estate sector – around 91,000 Saudi nationals work in this area, but nearly 660,000 expats are employed in the sector.

The Saudis working in the financial sector know their worth – as we’ve pointed to previously, job-hopping remains a big issue for the banks, which are having to work harder at training and retention initiatives.

In the short-term, Saudi is clearly still dependent on an army of expat talent in the financial sector, but looking forward it’s questionable how many new opportunities will present themselves. A five year plan from the government foresees the creation of 1.2 million jobs in the private sector, and over 90% are expected to go to Saudi nationals.

All this relies on the fact that Saudi has the skills available locally for more sophisticated areas of the financial sector. The current figures would suggest not.