Al-Mawarid Manpower Company announces that one of its subsidiaries has signed a memorandum of cooperation with the Ministry of Tourism to provide Saudi services via Isnad program.
| Element List | Explanation |
|---|---|
| Introduction | Mawarid Manpower company announces that Sawaid Recruitment company (wholly owned subsidiary) has signed a memorandum of cooperation with Ministry of Tourism to work together to provide Saudi manpower via Isnad Program which is a new Saudization program recently introduced by ministry of Human Resource and Social Development to allow Sawaid to second Saudi employees services to companies and establishment. the Ministry of Tourism will cooperate with Sawaid to provide the necessary support to the program. This project will focus and provide the tourism sector with the needed manpower to allow them to focus on their core business while Sawaid provide the manpower with all associated service and at the same time the beneficiary company will add the seconded manpower to their Nitaqat. This program will improve the working environment to the Saudi employees as they will be provided with better benefits and will accordingly increase the retention in this sector.
Isnad program is a new Saudization program recently introduced by ministry of Human Resource and Social Development to help in attracting Saudi talent and while allow the business owners to focus on their core business. This Program is among many programs that MOHR is introducing to the Saudi market to contribute in achieving the goals of Saudi Vision 2030. |
| Memorandum Signing Date | 2023-10-31 Corresponding to 1445-04-16 |
| Counterparty | Ministry of Tourism |
| Memorandum Subject | Help to attract and increase the number of Saudi talents through Isnad program, which enables tourism sectors to serve and improve their functional scope as the beneficiary company will add the seconded Saudi manpower to their Nitaqat. |
| Memorandum Duration | 24 months from signing date |
| Related Parties | None |
| Financial Impact | It is expected that the financial impact will appear on the company’s financial statements starting from the first quarter of next year 2024, and will continue during the validity period of the memorandum. |
| Additional Information | Not Applicable |
Comments