Kuwait City : Kuwait’s central bank asked local lenders to employ its citizens in leadership positions as Gulf nations expedite their push toward nationalization.Kuwaiti nationals should comprise at least 70% of the banking sector’s upper and middle-level management, the regulator said Wednesday. Banks will have time until the end of 2023 to implement the changes.It follows similar moves in countries like Saudi Arabia and the United Arab Emirates. Kuwait’s prime minister last year said the country’s expatriate population should be more than halved to 30% of the total, as the coronavirus pandemic and a slump in oil prices send shudders through Gulf economies.Foreigners account for nearly 3.4 million of Kuwait’s 4.8 million population.
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