One in five private companies operating in Saudi Arabia are likely to fall under the 'Red' zone as they are a long way away from meeting the Saudization targets, said a report citing officials from Ministry of Labour.

The report comes at a time when the ministry is struggling to tackle Saudi's high unemployment rate which has hit half a million and poses a major threat to a large number of Saudi firms.

The curb in renewing visas of red zone company employees' has built worry and fear as people panic about their job security.

At the same time the companies in the premium and green zones will enjoy numerous incentives and benefits from September 10 for their efforts in implementing the Nitaqat program, the report added.

At this critical juncture companies are looking to hire qualified local workforce to ensure their compliance and move to the green zone.

Developing a long term sustainable Saudization program within the organization is currently on top of the agenda of many companies, said a senior official on the eve of a major Saudization focused event to be held in Dammam.

The HR Congress, which will run from November 19 to 22, is being organised by IQPC. It aims to create a platform to bring together leaders in the region and blue zone companies to reveal successful strategies to effectively implement the Nitaqat program.
 
Joining the elite panel of speakers are Dr Mohamed Moustafa Mahmoud, advisor to the Minister of Labour and vice president, Savola Group; Fouzie A. Bubshait, president of ASHRM & director of Training & Technical support, Saudi Aramco; Hussain Abahussain, managing director of Aujan Industries; Dr. Tommy Weir, executive director of Center for Emerging Markets Leadership and Fahad Al Zahrani, senior vice president, Mobily.

'The event will provide an opportunity to examine local best practices in the area of Saudization and a unique networking to share relevant experience of senior HR professional from local and regional major corporations,' remarked Dr Mahmoud.

The summit will bring together top level management of several companies who will discuss the most efficient practices in achieving successful Saudization in the private sector and also how to prepare the national workforce to meet the growing demands of the Saudi job market, he added.-TradeArabia News Service