Maharah’s CEO expects more recruitment companies to launch IPOs shortly

Abdulaziz Al Kathiry, CEO of Maharah Human Resources Co.

Abdulaziz Alkathiry, CEO of Maharah Human Resources Co., said that more recruitment companies will soon launch initial public offerings (IPOs) on the Saudi Exchange (Tadawul).

There are about 43 companies currently operating in the sector, of which only 10 are large ones, Al Kathiry, who is also the Vice Chairman National Committee for Human Resources Companies, said in an interview with Sawalef Business podcast.

Commenting on Maharah's acquisition of two healthcare firms, the CEO stated that the Kingdom's healthcare sector has promising opportunities amid the move towards privatization, highlighting that the COVID-19 pandemic drove the company to diversify its services leading acquisition of a 41% stake in Kingdom Hospital & Consulting Clinics and a home healthcare services provider.

Alkathiry also revealed that the company's first five-year strategy, which began in 2018, has ended.

Work is underway on the second five-year strategy, which will be completed after three months and will be officially announced.

He noted that the strategy will include new factors in light of the recent changes brought about by the pandemic and in light of the Kingdom's Vision 2030.

With the new strategy and mega projects in Vision 2030, Maharah is set to witness strong growth and have larger market shares over the coming period, with the maturity of the previously acquired companies, Alkathiry added.