Human Resources Company (Tharwa) announced a new strategic step aimed at strengthening its position in the training and development sector, as its wholly-owned subsidiary (Tharwa Higher Institute for Training Company - Tharwa Academy) signed a qualitative partnership agreement with King Saud University, represented by the King Abdullah Institute for Research and Consulting Studies.
In an official statement published on the Saudi Stock Exchange (Tadawul) website, the company revealed that this agreement primarily aims to provide a package of specialized training programs and professional certifications. These programs will be implemented according to the curricula and standards outlined in the agreement's appendices, adhering to the implementation, coordination, and accreditation mechanisms agreed upon by both parties, thus ensuring the quality of educational and training outcomes.
Regarding the contractual and temporal details, the company clarified that the agreement is for a period of three (3) years, commencing from the date of signing. It emphasized that the contract is not automatically renewable, stipulating that renewal requires a prior written agreement between the two parties at least sixty (60) days before the end of the original term. This reflects both parties' desire to review performance and evaluate results before proceeding.
Regarding the expected financial impact, Tharwa indicated that the returns will be reflected in the financial statements of the Tharwa Higher Institute for Training through its share of revenues generated from trainee registration and program implementation, in accordance with the approved income-sharing mechanism. The company noted that the precise value and timing of the financial impact will be determined after actual implementation begins, while emphasizing that no financial obligations will arise for either party if programs are not implemented or trainees are not registered.
This partnership is particularly significant given King Saud University's prestigious standing as one of the leading academic institutions in the Kingdom and the region. The King Abdullah Institute for Research and Consulting Studies (KAIRIS), the university's consulting arm, possesses extensive expertise in providing knowledge-based and professional solutions. This collaboration lends significant academic weight and credibility to the training programs offered by Tharwa Academy in the job market.
This agreement aligns with the general directions of the Kingdom of Saudi Arabia and the objectives of Vision 2030, which focuses heavily on developing human capital and enhancing the efficiency of the national workforce. The Saudi labor market is witnessing a growing demand for professional certifications that bridge the gap between academic education and employer needs, making the partnership between the private sector (represented by Tharwa) and the public education sector (King Saud University) a vital step in supporting the knowledge economy.
