Geojit tweaks employment mix amidst Saudi localisation drive

The new law requires 30% local employees in financial services firms

A significant portion of Geojit BNP Paribas employees in its Saudi Arabian joint venture are now non-Indians, following a localisation drive which has gathered steam in recent times. 

 

The number of Indians returning on account of the Nitaqat law are said to be around the 100,000 mark.

 

C. J. George Managing Director of Geojit BNP Paribas said that the impact of the recent moves on providing jobs to locals has been more on the employee mix rather than the amount of business done by the firm.

 

“In the financial services industry in Saudi Arabia the minimum required is 30% Saudi locals and Geojit has 60% as we have membership in the stock exchange in Riyadh,” he said.

 

"The localisation drive hasn't really affected business.If it extends to other places in the region, then one could see an impact," added George.

 

Geojit BNP Paribas has a joint venture called Aloula Geojit Capital Co in Saudi Arabia with the Al Johar Group.

 

Its other locations in the middle east include BBK Geojit Securities KSC, located in Kuwait, a joint venture with Bank of Bahrain and Kuwait (BBK),and JZA.

 

In Oman it has the QBG Geojit Financial Services LLC, a joint venture with Qurum Business Group (QBG) and National Securities Co.Barjeel Geojit Securities, LLC, Dubai, is a joint venture of Geojit BNP Paribas with Al Saud Group

 

Key Words:Geojit, Nitaqat, localisation, NRI, Saudi