Saudi Arabia plans recruitment firm; to float stock

Saudi Arabia considers setting up a joint-stock domestic and international recruitment firm, in coordination with the government as well as the recruitment offices, Okaz newspaper has reported, citing Mohammed Al-Talib, head of the recruitment committee of the Riyadh Chamber of Commerce and Industry.

A draft proposal on the new firm will be submitted to the Saudi crown prince, Mohammed bin Salman, soon.

One third of the new entity’s capital will be owned by the ministry of labor and social development, one third owned by the recruitment offices, while the remaining third will be floated in an initial public offering (IPO).

The new recruitment entity will help cut recruitment fees that reached SAR 18,000 on average by 50 percent.