By Neil King
Glowork, the Saudi employment company dedicated to women, has been acquired by SAS Holding for SR60m
The first dedicated organisation for female employment through the Middle East has been acquired for a reported $16m.
Glowork, founded in 2011 by CEO Khalid Alkhudair, announced the acquisition by SAS Holding, the Saudi holding company that own Azian Telecommunications, Trade, and NTC among other companies.
Currently a micro SME with ten employees, Glowork expects to employ 150 people within the next two years to help expand its work in enabling women to enter the world of work throughout the region. To date it has assisted thousands of young Saudi women in joining the labour market, and has been hailed as an initiative which has driven social change in Saudi Arabia and beyond.
With an online platform to help female jobseekers and employers, an offline headhunting arm, and partnerships with groups including the Ministry of Labour, the investment will go towards increasing the reach of the business, as well as the services it offers.
SAS Holding will hold the majority share of 51 percent, with the remaining equity split between founders Alkhudair, Jamal Almonsour, and Khalid Alsaleh.
Alkhudair said: “Today is a day that showcases Saudi start-ups will lead the way for future generations.
“We are thankful for everyone who has supported us during the past two years, from employees, the government and the private sector. This investment will allow us to achieve our full potential and the future is bright for Saudi women.
“The new investors have promised us that our current operations won’t change and we will still be socially driven. The reason I started this business two years ago was to build an understanding for the Middle East that social entrepreneurship is important and today we witness a success story.”
Saeed Abdullah Al Sarari, chairman of SAS Holding, added: “We have a full belief in Glowork and expanding its current activities to the next level. We plan to build on Glowork’s current strong presence in the Middle East and turn it into a global entity by God’s will.”