Human Resources Investment Company (Tharwa), listed on the Nomu Parallel Market, announced today, Sunday, that it has received a letter of award for a framework agreement with a government entity in the Kingdom of Saudi Arabia. This agreement aims to provide specialized human resources consulting services, including organizational transformation and development, with a total value of SAR 24 million (including VAT).
In an official statement published on the Saudi Stock Exchange (Tadawul) website, the company explained that the scope of work under this agreement focuses on providing integrated human resources consulting solutions aimed at supporting the institutional transformation and organizational development processes of the government entity and its affiliated beneficiaries. The company highlighted a crucial point regarding the nature of the contract, noting that this is a framework agreement, meaning it is not fully binding in terms of the total value upon signing. Rather, it is subject to actual needs and service requests, with the implementation of sub-projects and revenue calculation commencing based on the issuance of direct purchase orders.
Keeping pace with the goals of the Kingdom's Vision 2030
This agreement comes within the context of a broad economic and administrative transformation underway in the Kingdom of Saudi Arabia, aligned with the objectives of Vision 2030, specifically the National Transformation Program. Government entities are actively working to enhance institutional performance, develop human capital, and improve the work environment in the public sector. Organizational development and human resource restructuring projects are considered cornerstones in the transition towards a more agile and effective government, capable of meeting citizens' aspirations and delivering high-quality services.
Growth of the local consulting sector
Tharwa's winning of this contract reflects the growing confidence in national companies and local talent to provide high-quality consulting services that were previously the exclusive domain of major international firms. Economic experts point out that enabling companies listed on the parallel market, Nomu, to secure substantial government contracts directly contributes to boosting local content, circulating liquidity within the national economy, and creating quality job opportunities for citizens in the management consulting sector.
Expected financial impact
The financial impact of this agreement is expected to be reflected in Human Resources' financial results in the coming periods, coinciding with the issuance of purchase orders and the commencement of consultancy services. This step is a positive indicator for the company's shareholders, as it strengthens its project portfolio and confirms its competitiveness in the growing Saudi consultancy market.
