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Saudi- Minister OKs SR100m recruitment company
(MENAFN- Arab News) A Saudi manpower recruitment company Dar Al-Estiqdam will be set up soon with a capital of SR100 million in Jeddah according to a decree issued by Commerce and Industry Minister Tawfiq Al-Rabiah.
The capital of SR100 million will be divided into 10 million shares with a face value of SR10 each. The founders will be subscribed in all the company's shares and the city of Jeddah will be the headquarters of the company according to an official statement from the ministry.
The company's activities include practicing mediation in recruiting manpower and providing labor services including domestic workers and laborers for public and private sectors.
The duration of the company will be for a period of 99 years starting from the date of the ministerial decree announcing its establishment and this duration may be prolonged as per a decision issued by the extraordinary general assembly. According to the decree it is not permissible to put the company's shares up for the public except in accordance with the capital market system.
The company will be managed by a board of directors composed of four members to be appointed by the ordinary general assembly for a period of three years with the condition that the founders have appointed the first board of directors of the company for a period of five years commencing from the date of the issuance of the ministerial decree announcing its establishment.
The ministry's approval for the establishment of this company comes as part of the state's policy and efforts to promote the economic activity in various sectors and to raise the competitiveness of the national economy in facing the regional and international challenges and competitions.
A senior ministry official said the doors would remain open for the establishment of more private recruitment companies provided they adhere 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 that the issuance of the final licenses by the ministry to the recruitment firms depends on three conditions: the scale of demand for foreign labor their ability to accommodate workers and provide them with the required services and their ability to abide by the ministry's rules and conditions.
The capital of SR100 million will be divided into 10 million shares with a face value of SR10 each. The founders will be subscribed in all the company's shares and the city of Jeddah will be the headquarters of the company according to an official statement from the ministry.
The company's activities include practicing mediation in recruiting manpower and providing labor services including domestic workers and laborers for public and private sectors.
The duration of the company will be for a period of 99 years starting from the date of the ministerial decree announcing its establishment and this duration may be prolonged as per a decision issued by the extraordinary general assembly. According to the decree it is not permissible to put the company's shares up for the public except in accordance with the capital market system.
The company will be managed by a board of directors composed of four members to be appointed by the ordinary general assembly for a period of three years with the condition that the founders have appointed the first board of directors of the company for a period of five years commencing from the date of the issuance of the ministerial decree announcing its establishment.
The ministry's approval for the establishment of this company comes as part of the state's policy and efforts to promote the economic activity in various sectors and to raise the competitiveness of the national economy in facing the regional and international challenges and competitions.
A senior ministry official said the doors would remain open for the establishment of more private recruitment companies provided they adhere 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 that the issuance of the final licenses by the ministry to the recruitment firms depends on three conditions: the scale of demand for foreign labor their ability to accommodate workers and provide them with the required services and their ability to abide by the ministry's rules and conditions.
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