Saudi Arabia’s palm.hr takes the first step in regional expansion

Saudi Arabia’s palm.hr takes the first step in regional expansion
The Saudi-based human resources startup has positioned itself as a regional provider of HR technology services with a mission to transform the space. (Supplied)
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Updated 01 April 2023

Saudi Arabia’s palm.hr takes the first step in regional expansion

Saudi Arabia’s palm.hr takes the first step in regional expansion
  • Company to have a fully established team in Egypt and UAE by three months

CAIRO: Saudi-based human resources and employee experience platform palm.hr is taking its first steps in regional expansion with one foot already in Egypt and the UAE.

Founded in 2019 by Richard Schrems, Christoph Czichna and Dragan Nikolic, the service provides businesses with a portal to streamline work experiences for all teams including operations such as onboarding, vacation tracking, payroll, and offboarding.

In an interview with Arab News, Schrems, who is also the CEO, said the company will have a fully established team in Egypt and the UAE in just three months.

“We are already serving our first customers in UAE and Egypt and things are in motion to have teams in both countries within the next three months. Additionally, we are looking to offer our services to companies based across all Gulf Cooperation Council countries by the end of the year,” Schrems said.

The company has positioned itself as a regional provider of HR technology services with a mission to transform the space and allow businesses to better manage their most important asset – human resources.

Schrems described palm.hr’s business strategy as comprising three main pillars. The first is the software’s high configurability and flexibility that makes it easier to apply it to different business structures.

The second is a HR Tech Stack that is scattered across many different tools and solutions.

“We therefore are working on building the most integrated HR software in the market to merge all that information to be the single source of truth of any company’s people data. We have successfully integrated with many Saudi Government Solutions such as GOSI, Mudad and Muqeem,” he added.

The third pillar pinpoints the overload of communication tools used by companies, such as WhatsApp, email, calls, Slack, or meetings. The company provides a centralized communication hub for the organization to stay on top of all tickets and tasks. 




Richard Schrems, Christoph Czichna and Dragan Nikolic founded palm.hr. (Supplied)

“Simply put, we proudly serve small and medium, growing and innovative companies that want to be people-centric organizations. Our focus currently lies on serving Saudi-based small and medium enterprises, however, throughout the year we will be offering our services across the GCC and beyond,” Schrems added.

He stated that the firm’s human centric approach gives it a competitive edge in the market where palm.hr focuses on supporting HR managers and employees through its platform.

“Many solutions were created to digitize processes; ours, however, aims to create a seamless experience for not only HR managers but just as much for their employees. That is why we have focused on not only creating a great desktop experience but combined it with intuitive and powerful mobile apps,” Schrems said.

“Both as a software and as an organization we focus on solving all the problems related to HR and work — for every stakeholder of any organization across Saudi Arabia and beyond,” he added.

Schrems stated that the level of support received from the Saudi government has been “astounding,” adding: “Every single government organization we dealt with has welcomed and supported us with open arms, which has helped us become the thriving company we are today.”

Schrems explained that the HR space still holds huge opportunities as millions of organizations are set to ride the wave of digitalization in the next couple of years.

Besides regional expansion, the company has aggressive goals in terms of product development and hiring.

Our platform will soon leverage business data to highlight Saudization achievements whether it is organization-wide or for specific professions.

Richard Schrems, palm.hr founder and CEO

Schrems added that the company is hiring talent across all functions, with its team of 70 set to double in size in the next 12 months.

“We also believe that HR tech and fintech will diverge in the future, and we will be offering financial services through partners on our platform,” he stated.

“Besides this, we are also building a dynamic content library to support customers and employees with all the insights they need about the Kingdom’s labor laws, employment and career development. We believe this will help nurture and support local talent, while attracting the best international professionals to choose to live and work in Saudi Arabia,” he added.

The company is doubling down on its product development efforts to ensure the solution is a perfect fit for clients, which means increasing more strategic HR modules and integrating artificial intelligence.

palm.hr currently stands on solid ground after it raised $5 million in a pre-series A funding round co-led by Speedinvest and RAED Ventures with participation from Wamda Capital.

Schrems stated that the company will focus on growing its presence in Saudi Arabia, Egypt and the UAE, and will thrive to raise another funding round within 12 to 18 months.

“At palm.hr, we want to make sure companies have the tools they need to remain compliant with Saudi nationalization and labor laws. Our platform will soon leverage business data to highlight Saudization achievements whether it is organization-wide or for specific professions,” Schrems said.


GCC, Iraq electrical interconnection project enhances energy security: Saudi minister

GCC, Iraq electrical interconnection project enhances energy security: Saudi minister
Updated 08 June 2023

GCC, Iraq electrical interconnection project enhances energy security: Saudi minister

GCC, Iraq electrical interconnection project enhances energy security: Saudi minister
  • Project is ‘dream become reality,’ Prince Abdulaziz bin Salman says

RIYADH: The electrical interconnection project between Saudi Arabia and Iraq will support the Iraqi electrical grid, according to Saudi Arabia’s Energy Minister Prince Abdulaziz bin Salman.

In an interview with Al-Arabiya, the prince said the connection was a dream that had become a reality and would achieve tangible economic benefits and enhance energy security.

Speaking on the sidelines of the OPEC+ meeting in Vienna, he said: “We have no complexes about speculation in the oil market,” and the decision to cut oil production was a “precautionary” one.

“Everyone agreed to cut production and we did not force anyone,” he said.

The prince said the oil market needed reassurances and measures to prevent fluctuations.

“We have no interest in the fluctuation of the oil market, whether in the short or long term,” he said.

The aim was to give the oil market clear data for stability and there were independent bodies that would work with the OPEC+ countries to evaluate their production in 2024, he said.

“The task of the independent bodies is to ensure the reliability of data for the oil market,” he said, adding that those parties would end the previous controversy over production data in OPEC+.

The minister said they had discussed with Russia the issue of its production and requested it clarify its data.

“Moscow’s decision not to publish production data leaves doubts about its volume,” he said.

“Independent parties contacted Russia about its production and got the numbers, and we have strengthened transparency with Russia over its oil production numbers.”


Saudi Arabia’s voluntary production cuts support oil prices

Saudi Arabia’s voluntary production cuts support oil prices
Updated 08 June 2023

Saudi Arabia’s voluntary production cuts support oil prices

Saudi Arabia’s voluntary production cuts support oil prices

RIYADH: Oil prices rose on Thursday as tighter supply resulting from Saudi Arabia’s pledged production cut and a potential pause to US interest rate hikes offset worries over demand weakness and a global economic slowdown.

At a recent meeting of the Organization of the Petroleum Exporting Countries and its allies, known as OPEC+, Saudi Arabia said it will cut its crude output by 1 million barrels per day in July on top of a broader deal to limit supply into 2024 as the producer group seeks to boost flagging prices.

Brent crude rose 25 cents, or 0.3 percent, to $77.20 a barrel by 1328 GMT. US West Texas Interme- diate crude gained 20 cents, or 0.3 percent, to $72.73.
“With the OPEC+ meeting out of the way, focus is now shifting toward the next move the Fed will make when it meets next week,” said Tamas Varga of oil broker PVM.
There is growing consensus that the central bank will skip a rate hike, which could lift oil prices even before falling supply starts draining global oil inventories, Varga added.
OPEC+ cooperation praised
Russian President Vladimir Putin and Saudi Crown Prince Mohammed bin Salman praised their collaboration during a phone call on Wednesday in a discussion of the work of OPEC+, the Kremlin said.
“The topic of ensuring stability on world energy markets was discussed in detail,” according to a Kremlin statement on the Telegram messaging app.
“Both sides praised cooperation within the framework of OPEC+, allowing for the adoption of timely and effective steps to ensure a balance between supply and demand for oil.”
The statement noted the impor- tance of agreements reached at the group’s meeting this week.
UAE ship insurance rules
Tougher requirements for some ship insurers covering the UAE ships are aimed at boosting environmental safety amid growing concerns over unregu- lated shipping, reported the state- run news agency WAM.
The UAE’s Energy and Infrastructure Ministry, in a June 2 circular, announced it would tighten insurance criteria for vessels registered under its flag for insurers that are not part of the leading ship insurers, known as the International Group of Protec- tion and Indemnity Clubs, which cover 90 percent of the world’s ocean-going fleet.
“By prioritizing stringent P&I standards, we ensure the safety, financial security, and environ- mental stewardship of our maritime activities, attracting reputable investors,” said Hessa Al Malek, adviser to the minister for maritime transport affairs.
The WAM report added that the move would reduce the risk of accidents and oil spills, leading to a safer and more secure marine environment.


Saudi Arabia’s M3 money supply jumps 4.7% since Dec. 31

Saudi Arabia’s M3 money supply jumps 4.7% since Dec. 31
Updated 08 June 2023

Saudi Arabia’s M3 money supply jumps 4.7% since Dec. 31

Saudi Arabia’s M3 money supply jumps 4.7% since Dec. 31

RIYADH: Saudi Arabia’s M3 money supply has surged 4.71 percent since December 2022, according to data released by the Saudi Central Bank, also known as SAMA.

The M3 money supply — the broadest measure of liquidity in the monetary system — reached SR2.61 billion ($697 billion) in the week ending June 1, up from SR2.5 billion on Dec. 31.

However, the money supply for the week ending June 1 dropped 0.29 percent compared to $2.62 billion in the week ending June 25.

The SAMA data also showed that the money supply has been stable at SR2.6 billion in the past six weeks.  

Central banks use M3 money supply figures to direct monetary policy, thereby controlling inflation, consumption, growth, and liquidity over medium- and long-term periods.

Meanwhile, the M2 money supply recorded a 4.53 rise compared to Dec. 31 and a 0.57 percent weekly increase. 

The M2 poses a measurement of the nation’s money supply that estimates all the cash individuals have in hand or short-term bank deposits. It is usually used to indicate possible increases or decreases in inflation levels.

As for the M1 money supply during the week ending June 1, it jumped 1.45 percent from the end of December 2022 and 1.52 percent against the preceding week.

The M1 money supply comprises currency, demand and other liquid deposits.

It contains currency and assets that can be quickly converted to cash.


Closing bell: Saudi bourses end the week in green

Closing bell: Saudi bourses end the week in green
Updated 08 June 2023

Closing bell: Saudi bourses end the week in green

Closing bell: Saudi bourses end the week in green

After rising for four consecutive days, Saudi Arabia’s Tadawul All Share Index ended the week in green, as it gained 24.31 points, or 0.21 percent, to close at 11,397.14.

The total trading turnover of the benchmark index hit SR7.14 billion ($1.90 billion), as 113 stocks advanced, while 94 retracted. 

While parallel market Nomu gained 368.10 points to close at 21,849.68, MSCI Tadawul Index increased 0.16 percent to end the day at 1,509.41.

The top-performing stock on Thursday was Arabian Contracting Services Co., whose share price went up 7.5 percent to SR154.80. 

HIGHLIGHTS

The total trading turnover of the benchmark index hit SR7.14 billion ($1.90 billion), as 113 stocks advanced, while 94 retracted on Thursday.

The worst performer of the day was Leejam Sports Co., whose share price dipped by 4.2 percent.

Etihad Atheeb Telecommunication Co. and Astra Industrial Group were top performers, whose share prices soared by 5.63 percent and 5.18 percent, respectively.

The worst performer of the day was Leejam Sports Co., whose share price dipped by 4.2 percent. 

On the announcements front, Saudi Arabian Mining Co. said its shareholders approved the board’s recommendation to increase capital by 50 percent through a bonus share distribution.

According to a Tadawul statement, the mining giant will distribute one share for every two shares held, thus capitalizing SR12.31 billion from the statutory reserve and retained earnings. The company’s share price went down by 0.69 percent to SR43.85. 

Meanwhile, National Medical Care Co., also known as Care, announced that it had signed a share purchase agreement to acquire the entire share capital of Jiwar Medical Services Co. 

In a statement to Tadawul, Care noted that the acquisition deal was made after obtaining all approvals from competent authorities. The company’s share price dropped by 2.36 percent to SR116.


Saudi Arabia launches ‘visiting investor’ visa to boost foreign investments 

Saudi Arabia launches ‘visiting investor’ visa to boost foreign investments 
Updated 08 June 2023

Saudi Arabia launches ‘visiting investor’ visa to boost foreign investments 

Saudi Arabia launches ‘visiting investor’ visa to boost foreign investments 

RIYADH: A new business visa for investors has been announced by Saudi Arabia as part of the Kingdom’s drive to attract foreign funding into the economy. 

The “visiting investor” visa is being launched by Saudi Arabia’s Ministry of Investment, which worked closely with the Kingdom’s Foreign Affairs department to develop the new permit. 

Saudi Arabia has demonstrated a keen interest in streamlining the process for investors and international companies looking to expand their portfolios within the Kingdom, as part of the Vision 2030 initiative to diversify the economy away from oil. 

“The launch of the visiting investor business visa service comes within the framework of the success of cooperation and integration of efforts between the Ministries of Foreign Affairs and Investment,” Khalid Al-Falih, minister of investment, said in a tweet.  

FASTFACTS

The Kingdom’s industrial sector is among several witnessing a significant influx of foreign investments, which comprise 37 percent of the industry’s total funding.

The ‘visiting investor’ visa, a brainchild of the Kingdom’s Investment Ministry, was launched in collaboration with the Ministry of Foreign Affairs.

He further noted that the Ministry of Foreign Affairs backs the efforts of the Ministry of Investment in simplifying the process for investors interested in discovering business opportunities in the Kingdom.  

“I thank His Highness the Minister and the brothers in the Ministry of Foreign Affairs for supporting the efforts of the Ministry of Investment to facilitate the journey of the investor wishing to learn about the environment and investment opportunities in the Kingdom,” Al-Falih added.  

Foreign investments in Saudi Arabia rose by 2 percent in 2022 to SR2.4 trillion ($640 billion), up from SR2.36 trillion in 2021, according to the Saudi Central Bank, also known as SAMA.  

SAMA’s report indicated that foreign direct investments constituted 42 percent of the total inflow of international funds into the Kingdom, amounting to SR1.01 trillion.  

In March, Al-Falih indicated that multinational companies moving their headquarters to Saudi Arabia in 2023 to secure government contracts might be eligible for tax exemptions.  

The Kingdom’s industrial sector is among several witnessing a significant influx of foreign investments, which comprise 37 percent of the industry’s total funding.