Arab News, Sat, Jun 01, 2024 | Dhu al-Qadah 24, 1445
Saudi Manpower Solutions Co. eyes expansion following its public listing
Saudi Arabia:
Various sectors across different parts of Saudi Arabia will soon have greater
and easy access to manpower as the country’s first service provider eyes
expansion with its initial public offering.
Speaking to Arab News, Abdullah Al-Timyat, CEO of
Saudi Manpower Solutions Co., known as SMASCO, said the IPO will help propel
SMASCO within the Saudi market, drive growth initiatives, and fortify its
presence and stakeholders’ trust.
Al-Timyat said the IPO proceeds will not be
utilized for internal operations but will be earmarked for strategic growth
initiatives to expand the company’s footprint across the Kingdom’s diverse
market.
He added the company’s capital-light model,
fortified by no debt and robust cash management, positions it for agile
expansion. “We have zero debt and funding. We have strong cash
management, and we have enough internal funds for our operations. So, the IPO
will enable SMASCO in its future steps and strategic direction in expanding
within the Saudi market, reaching new geographic cities and regions within Saudi
Arabia.”
With an eye on deepening market penetration,
Al-Timyat outlined SMASCO’s strategic direction, leveraging the IPO’s support to
enhance brand awareness and stakeholders’ trust.
“We will even go deeper … within specific sectors,
in business industry and professional manpower, depending on a more trusted bond
that we have available because of the IPO and the support that we will have.”
The executive outlined the company’s current focus
on the Kingdom’s market, emphasizing its vast potential and opportunities
for manpower companies, including SMASCO.
He also underscored the entity’s mature model and
expertise in technologies, which position it to potentially expand into new
markets in the future. While there are no immediate plans to venture beyond
Saudi Arabia, SMASCO remains prepared to seize opportunities should they arise,
he said.
Looking ahead, the CEO highlighted artificial
intelligence’s transformative potential emphasizing its role in enhancing
efficiency and service delivery.
He said: “AI and advanced technology is an
opportunity for manpower companies. This is how we see it in SMASCO, this will
provide us more opportunities, a faster a road to (achieve) our objectives
operationally, financially and even for our customers.”
Al-Timyat highlighted the pivotal role of Vision
2030 benchmarks in providing clarity and direction to SMASCO’s future endeavors.
“Since the government launched Vision 2030, we
have a clarity where we are going and this makes it easier for any industry, for
any investor. We see a persistence of execution by the government, which we have
never witnessed before and this is actually aligned with what we are seeing.”
This synergy between technological innovation and
national objectives supports industry advancement. The executive noted that
it is set to drive economic growth and societal development in alignment with
the Kingdom’s ambitious vision.
Al-Timyat also outlined the global demand for
various industries, including medical, logistics, tourism, and entertainment,
which are also prevalent in Saudi Arabia.
Each of these industries requires specific
qualities for talents and specialized manpower services to address their unique
needs, he noted.
The executive said SMASCO, specialized
in manpower solutions, has created subsectors within its team to cater to
diverse industries.
This focus on specialization enables SMASCO to
provide high-quality services that align with the economy, market trends, and
specific requirements of each industry.