Kuwait central bank asked local lenders to employ citizens in top leadership positions.
Event Location
Kuwait , Kuwait
Start Time
17 April 2021, 12:00 AM
End Time
30 April 2021, 12:00 AM
As Gulf nations expedite their push toward nationalization, Kuwait's central bank asked local lenders to employ its citizens to leadership positions.
Kuwaiti nationals should comprise at least 70 per cent of the banking sector's upper and middle-level managements, the regulator said Wednesday.
Banks will have until the end of 2023 to implement the changes. It follows similar moves in countries like Saudi Arabia and the United Arab Emirates.
Earlier, Kuwait's prime minister said the country's expatriate population should be more than halved to 30 per cent of the total, as the coronavirus pandemic and a slump in oil prices send shudders through Gulf economies.
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