Commerce and Industry Minister Tawfiq Al-Rabiah yesterday approved the establishment of a new recruitment company, with a capital of SR100 million, to recruit manpower required by public and private sectors, including house servants.
The International Recruitment Company, which is licensed for 99 years, will provide manpower supply services to public institutions and private companies. The joint stock company will not be allowed to trade its shares on the bourse except after obtaining permission from the Capital Market Authority.
"The new recruitment company is licensed within the framework of the government's policy to strengthen the national economy and its competitiveness," the Saudi Press Agency said quoting the ministry.
Last month the ministry approved another recruitment company with a capital of SR100 million, bringing the total number of newly approved recruitment firms to three as part of the government's efforts to streamline the recruitment of foreign workers and provide them with comprehensive services.
Al-Rabiah approved the Riyadh-based Saudi Recruitment Company with a capital of SR100 million in February.
The Ministry of Labor has given the 13 new recruitment companies that have obtained preliminary licenses 60 days to fulfill the requirements to obtain their final licenses.
A senior ministry official said the doors would remain open for the establishment of more private recruitment companies provided they adhered strictly to the conditions approved by the ministry.
"The ministry's decision to give the opportunity to every one to establish a recruitment company was promoted by its keenness to achieve variety, justice and competitiveness in the labor market for the benefit of both the companies and clientele," he said.
He explained the issuance of the final licenses by the ministry to the recruitment firms depends largely on three conditions: the scale of demand for foreign labor, their ability to accommodate workers and provide them with all required services and their ability to abide by the ministry's rules and conditions.
© Arab News 2012
