Search form

You are here

  • Home
  • Saudi Arabia’s HR tech raises $30m, eyes expansion


Saudi Arabia’s HR tech raises $30m, eyes expansion

Jisr, one of Saudi Arabia’s human resources tech firms, recently concluded its series A financing round of SR112 million spearheaded by Merak Capital. (AFP)
Short Url

https://arab.news/46355

Updated 10 October 2023
Nour El-Shaeri
Follow

Saudi Arabia’s HR tech raises $30m, eyes expansion

  • Robust HR market in the Kingdom is valued at over SR6 billion
Updated 10 October 2023
Nour El-Shaeri

CAIRO: Saudi Arabia’s startup ecosystem continues to thrive amid government efforts to support the sectors and growing investors’ interest in different sectors.

Jisr, one of Saudi Arabia’s human resources tech firms, recently concluded its series A financing round of SR112 million ($30 million), aiming to delve deeper into diverse sectors.

Described as the most substantial series A funding in the Middle East’s software-as-a-service domain, the financing was spearheaded by Saudi Arabia’s Merak Capital.

Established in 2016 by Mohammed Al-Johi, Jisr claims to be Saudi Arabia’s pioneering HR management platform, serving a clientele of over 3,000 across approximately 16 sectors.

In an interview with Arab News, Al-Johi elucidated how this capital infusion seeks to amplify the company’s operational prowess and growth ambitions.

The entrepreneur aims to leverage the funds to bolster Jisr’s existing operations and to venture into synergistic verticals.

Data issued by the Federation of Saudi Chambers reveals a robust HR market in the Kingdom, valued at over SR6 billion. 

FASTFACT

Global data firm Statista forecasts that the software as a service market in Saudi Arabia will see an annual growth of 5.03 percent from 2023, reaching $519 million by 2028, up from $406 million this year.

“We are redefining the scope of HR software, moving away from just an HR information system software to a suite of products built around employees,” Al-Johi said.  

“With this investment, we will speed up delivering our mission of building the HR ecosystem for small and medium enterprises in the region, it will help us serve more customers and improve their productivity when it comes to managing their people,” Al-Johi stated.

“Through Merak’s investment in Jisr, our goal is to advance the modern HR technology system. We aim to achieve this by developing products that enhance every aspect of HR operations, from recruitment and management to payroll processing, all seamlessly integrated with various platforms,” he added.

Abdullah Al-Tamimi, partner and CEO of Merak Capital, shared his vision for a more harmonized market landscape.

“Integrations are expected to continue to play a pivotal role in the ecosystem,” Al-Tamimi said, adding to Al-Johi’s mission of creating a more comprehensive product.

“The more integrated the solution, the more powerful it will be in serving businesses and their needs, whether they are small and medium enterprises or large corporations,” he added. 

We are redefining the scope of HR software, moving away from just an HR information system software to a suite of products built around employees.

Mohammed Al-Johi, Founder and CEO of Jisr

Al-Tamimi further elaborated on Jisr’s position in the Saudi market, emphasizing the company’s significant potential.

“Jisr is the leading player in the market currently, and we see it maintaining that leadership role,” Al-Tamimi stated.

“As a pioneer, Jisr will be expected to be up to date in the latest offerings for the market, as well as pushing the innovation wheel forward,” he added.

The company currently provides innovative solutions to enhance HR management for businesses. These solutions encompass attendance tracking, adaptable payroll integrations, business trip coordination, and performance analytics tools.

Commenting on Jisr’s future plans, Al-Tamimi indicated that the company is considering introducing additional fintech solutions.

He said: “We expect further fintech solutions from the company and a bigger role from established financial institutions in enabling SMEs through their HR systems and peripheral tools.”

Al-Johi also revealed his company’s future plans, stating that more products and services are already underway.

“We started in 2016 serving very small businesses and covering only the operation side of human capital. We have expanded since then to serve mid-market and build products to digitize the whole HR cycle. We are launching our Jisr Applicant Tracking System and will launch three more products in the next year,” Al-Johi said. 

Merak intends to continue its investment in more and new SaaS verticals, especially business-to-business core solutions that are essential for businesses to operate.

Abdullah Al-Tamimi, Partner and CEO of Merak Capital

Building on its established customer base, Jisr is poised to further transform the HR landscape, targeting significant growth in 2024.

Since its founding, the company has garnered 350,000 registered employees, with expectations for more registrations in the upcoming year.

“We have been recording more than 150 percent year-on-year growth in the last few years and our platform is used by more than 350,000 employees. Our next target is to have 1 million registered employees,” Al-Johi stated.

The company’s target to almost triple its user base coincides with the significant growth in the Kingdom’s SaaS market.

Global data firm Statista forecasts that the software as a service market in Saudi Arabia will see an annual growth of 5.03 percent from 2023, reaching $519 million by 2028, up from $406 million this year.

Additionally, enterprise software and IT solutions were one of the most funded sectors in Saudi Arabia in 2022, garnering $104 million across 19 deals.

Furthermore, Merak Capital stands as one of Saudi Arabia’s leading investors in SaaS solutions. Al-Tamimi said the company plans to ramp up its activity even further.

“With multiple SaaS companies in our portfolio, we have developed market expertise in how SaaS platforms scale in the region, and more specifically, Saudi Arabia,” he said.

“Merak intends to continue its investment in more and new SaaS verticals, especially business-to-business core solutions that are essential for businesses to operate, with a focus on locally integrated products that can compete with both local incumbents and international new entrants,” he added.

Topics: Saudi Arabia HRtech Startup ecosystem Startup of the Week

Related

Business & Economy
Saudi startup ecosystem takes a huge leap
Business & Economy
Saudi Arabia records 6% growth in SMEs amid growing startup ecosystem  

Omani banking sector credit surges 7.4% in February

Updated 4 sec ago
Reem Walid
Follow

Omani banking sector credit surges 7.4% in February

Updated 4 sec ago
Reem Walid

RIYADH: The total credit extended by Oman’s banking sector surged by 7.4 percent year on year to reach 32.9 billion Omani rials ($85.46 billion) by the end of February, new figures showed. 

Released by the Central Bank of Oman, the data indicated that credit extended to the private sector rose by 6.1 percent annually to 27.3 billion rials during the same period. 

This aligns with Oman’s projected economic growth of 3.4 percent in 2025, outpacing many global peers, according to Minister of Commerce, Industry and Investment Promotion Qais bin Mohammed Al-Yousef, who spoke at the International Investment Forum in Muscat in April. 

The February report said: “Non-financial corporations received the highest share of the total private sector credit at approximately 46.3 percent at end-February 2025, followed by the household sector at 44.3 percent.” 

It added: “The share of financial corporations was 5.5 percent while other sectors received the remaining 3.8 percent of total private sector credit as at the end of February 2025.” 

The analysis further revealed that total deposits in the Omani banking sector registered a 6.4 percent year-on-year growth to reach 32 billion rials at the end of February. It added that total private sector deposits increased 8.2 percent to 21 billion rials. 

“In terms of sector-wise composition of private sector deposits, the biggest contribution is from household deposits at 50.3 percent, followed by non-financial corporations at 30.4 percent, financial corporations at 16.9 percent and other sectors at 2.4 percent,” the report concluded in that regard.

In January, the 2024 Article IV consultation issued by the International Monetary Fund disclosed that Oman achieved a 6.2 percent budget surplus and a 2.4 percent current account gain in 2024, driven by prudent fiscal policies, high oil prices, and nonhydrocarbon export growth. At the time, the IMF attributed these figures to effective economic management. 

Despite higher social spending under a new protection law, the nonhydrocarbon primary deficit as a share of nonhydrocarbon gross domestic product remained stable, highlighting the government’s commitment to financial discipline, the IMF release explained at the time. 

Government debt as a percentage of gross domestic product also declined further, reaching 35 percent in 2024, marking continued improvement in Oman’s economic fundamentals. 

The findings reflect the broader resilience across the Gulf Cooperation Council region, as highlighted in a December IMF report, which noted that GCC economies have successfully navigated recent shocks, thanks to robust non-hydrocarbon growth and continued reform efforts.

Topics: Oman banking

Saudi Arabia’s US Treasury holdings rise to $131.6bn in March

Updated 19 min 42 sec ago
MIGUEL HADCHITY 
Follow

Saudi Arabia’s US Treasury holdings rise to $131.6bn in March

  • Kingdom maintained 17th place among the largest holders of such financial instruments in March
  • Saudi Arabia and UAE are the only GCC countries among the top 20 holders of US Treasury securities
Updated 19 min 42 sec ago
MIGUEL HADCHITY 

RIYADH: Saudi Arabia’s holdings of US Treasury securities stood at $131.6 billion in March, reflecting an increase of $5.2 billion from February, according to the latest data.

The analysis, released by the US Treasury, represents a month-on-month increase of 4.11 percent following a marginal decrease of 0.39 percent from January to February.

The change reflects market fluctuations or potential portfolio rebalancing as the Kingdom navigates global economic conditions. Saudi Arabia’s accumulation of US Treasuries is part of its broader strategy to manage foreign reserves and diversify low-risk assets.

The data revealed that the Kingdom maintained 17th place among the largest holders of such financial instruments in March.

The study also shows that Saudi Arabia and the UAE are the only Gulf Cooperation Council countries among the top 20 holders of US Treasury securities.

In March, the Kingdom’s holdings of US Treasuries included long-term bonds worth $103.8 billion, representing 78.8 percent of the total, and short-term bonds amounting to $23.2 billion, accounting for 17.6 percent.

In its latest release, the US Department of the Treasury stated: “The sum total in March of all net foreign acquisitions of long-term securities, short-term US securities, and banking flows was a net TIC (Treasury International Capital) inflow of $254.3 billion.”

Of this, net foreign private inflows accounted for $259.2 billion, and net foreign official outflows reached $4.9 billion.

According to a press release, foreign residents increased their holdings of long-term US securities to $183.2 billion in March, with private investors purchasing $146.0 billion while foreign official institutions recorded net sales of $37.3 billion. US residents also raised their holdings of long-term foreign securities with net purchases of $21.5 billion.

Meanwhile, foreign residents also boosted their US Treasury bill holdings in March. “Foreign resident holdings of all dollar-denominated short-term US securities and other custody liabilities increased by $98.6 billion,” the release added.

Conversely, banks’ net dollar-denominated liabilities to foreign residents dropped by $6.1 billion.

The report said Japan was the largest investor in US treasury bonds in March, with holdings totaling $1.13 trillion, followed by the UK and China, with portfolios valued at $779.3 billion and $765.4 billion, respectively.

The Cayman Islands and Canada were ranked fourth and fifth on the list, with treasury holdings amounting to $455.3 billion and $426.2 billion, respectively. 

Topics: US Treasury Foreign reserves bonds

Related

Business & Economy
Saudi Arabia’s US Treasury holdings see $10.6bn adjustment
Business & Economy
Saudi Arabia’s US treasury bond possession increases 22.46% year-on-year to $136.3bn

Saudi Arabia tops MENA digital economy rankings with $132bn market

Updated 8 min 15 sec ago
Nour El-Shaeri
Follow

Saudi Arabia tops MENA digital economy rankings with $132bn market

  • Kingdom has invested over SR55 billion in AI technologies and data center infrastructure
  • Figures released on occasion of World Telecommunication and Information Society Day
Updated 8 min 15 sec ago
Nour El-Shaeri

RIYADH: Saudi Arabia has emerged as the Middle East and North Africa’s largest digital economy, with a market value exceeding SR495 billion ($131.9 billion) in 2024, equivalent to 15 percent of the national gross domestic product.

The figures were shared by the Ministry of Communications and Information Technology on the occasion of World Telecommunication and Information Society Day, as reported by the Saudi Press Agency.

This comes as Saudi Arabia continues to strengthen its role as a regional and global digital powerhouse, underpinned by significant advancements in artificial intelligence, data centers, e-government, and human capital development.

“The communications and information technology market recorded record growth exceeding SR180 billion in 2024, driven by expanding private sector investments and increasing innovation, which strengthened the Kingdom’s position as the largest technology market in the Middle East,” the SPA report stated.

Saudi Arabia marks World Telecommunication and Information Society Day. X/@Mobily

The country has invested over SR55 billion in AI technologies and data center infrastructure, contributing to a 42 percent increase in national data center capacity in 2024, reaching 290.5 megawatts.

The Kingdom’s efforts are exemplified by the launch of Humain, a state-backed AI company, which underscores this commitment.

Humain aims to build AI technologies and infrastructure, including large data centers and Arabic-language AI models, positioning Saudi Arabia as a global AI hub.

The Kingdom has actively sought partnerships with leading global tech companies. Notably, Nvidia is set to supply 18,000 of its advanced AI chips to Saudi Arabia as part of a strategic partnership with Humain.

Fiber-optic coverage now extends to over 3.9 million homes, while internet penetration has reached 99 percent, placing Saudi Arabia among the most connected nations globally.

Saudi Arabia marks World Telecommunication and Information Society Day. X/@Mobily

This infrastructure expansion supports high-efficiency digital services and reflects the Kingdom’s readiness to support cloud computing and smart applications.

Human capital development remains a cornerstone of the digital transformation strategy.

Saudi Arabia hosts the largest concentration of digital talent in the Middle East, with over 381,000 specialized jobs in the technology sector.

Women’s participation in the sector has increased from 7 percent in 2018 to 35 percent in 2024, the highest in the region and surpassing averages in both the G20 and the European Union.

In the area of digital governance, the Kingdom has achieved top-tier global rankings. It ranked fourth globally in the UN’s Online Services Index, sixth in the E-Government Development Index, and second among G20 nations.

Regionally, it holds the number one position in digital government services. Additionally, the Kingdom secured first place worldwide in digital skills and open digital government, and seventh in e-participation.

Topics: Saudi Digital

Related

Business & Economy
Saudi digital economy accounts for 14% of Kingdom’s GDP, new GASTAT analysis reveals
Business & Economy
Saudi entertainment industry set to power economic diversification

Saudi air passenger traffic up 15% to over 128m in 2024

Updated 41 min 16 sec ago
Nadin Hassan
Follow

Saudi air passenger traffic up 15% to over 128m in 2024

  • International passenger traffic reached 69 million, an increase of 14% compared to 2023
  • Domestic passenger traffic rose by 16%, totaling 59 million passengers.
Updated 41 min 16 sec ago
Nadin Hassan

RIYADH: Saudi Arabia’s air travel sector experienced a 15 percent growth in passenger traffic in 2024, with more than 128 million passengers traveling through the Kingdom’s airports, a report revealed.

According to the General Authority for Statistics’ Air Transport Statistics Publication 2024, international passenger traffic reached 69 million, an increase of 14 percent compared to 2023. Domestic passenger traffic also rose by 16 percent, totaling 59 million passengers.

Jeddah’s King Abdulaziz International Airport led with 49 million passengers, registering a 14 percent increase from the previous year.

King Khalid International Airport in Riyadh followed with 37.6 million passengers, an 18 percent increase, while Dammam’s King Fahd International Airport handled 12.8 million passengers, up 15 percent.

The average daily number of passengers at Saudi airports stood at approximately 189,000 for international flights and 162,000 for domestic routes.

Flight volumes also saw notable growth. The number of domestic flights reached 474,000 in 2024, up 12 percent, while international flights rose by 10 percent to 431,000.

Jeddah recorded the most flight operations with nearly 290,000, followed by Riyadh with 274,000 and Dammam airport with 105,000.

Saudi airlines operated 412,000 domestic and 152,000 international flights. Foreign airlines accounted for 1,584 domestic and 266,000 international routes, while general aviation contributed 60,000 domestic and 13,000 international flights.

Cargo traffic increased as well, with total air freight volumes reaching 1.2 million tonnes, a 34 percent growth from 2023.

Inbound cargo comprised 720,000 tonnes, outbound 64,000 tonnes, and transit cargo 407,000 tonnes. The highest monthly cargo volume was recorded in March at 123,000 tonnes.

The total aircraft fleet in Saudi Arabia grew to 361 in 2024, marking an 11 percent rise. The commercial fleet accounted for 258 aircraft, up 12 percent, with the largest segment comprising aircraft with over 250 seats. The general aviation fleet reached 103 aircraft, a 7 percent increase.

In terms of passenger handling ability, the total across Saudi airports reached 126 million in 2024. King Abdulaziz International Airport led with a designed capacity of 50 million passengers, an 11 percent year-on-year increase, operating at 98 percent of that limit.

King Khalid International Airport followed with 39 million, a 5 percent increase, and a 96 percent utilization rate.

The report also indicated improvements in air connectivity. King Abdulaziz International Airport offered the highest number of international routes at 369, followed by Prince Mohammed bin Abdulaziz International Airport in Madinah with 272, King Khalid International Airport with 165, and King Fahd International Airport with 85.

Compared to 2023, these figures reflect increases of 1 percent, 5 percent, and respective declines of 6 and 8 percent.

Overall, the air transport sector’s continued expansion aligns with the Kingdom’s Vision 2030 goals of enhancing connectivity, supporting tourism growth, and diversifying the national economy.

Topics: aviation General Authority for Statistics

Related

Business & Economy
Saudi Arabia’s expat remittances hit near 9-year high at $4.13bn in March
Business & Economy
Saudi Arabia tops MENA digital economy rankings with $132bn market

Saudi Arabia’s expat remittances hit near 9-year high at $4.13bn in March

Updated 2 min 9 sec ago
Dayan Abou Tine
Follow

Saudi Arabia’s expat remittances hit near 9-year high at $4.13bn in March

  • Central Bank says it is the highest monthly level recorded in nearly nine years
  • Transfers made by Saudi citizens rose to SR6.5 billion, representing a 27% increase
Updated 2 min 9 sec ago
Dayan Abou Tine

RIYADH: Expatriate remittances from Saudi Arabia soared to SR15.5 billion ($4.13 billion) in March 2024, marking a 29.61 percent year-on-year increase.

According to data released by the Saudi Central Bank, also known as SAMA, this is the highest monthly level recorded in nearly nine years.

The surge reflects an increasingly attractive labor market in the Kingdom and growing momentum in digital payment adoption, enabling smoother international money transfers for the country’s large expatriate population.

In parallel, transfers made by Saudi citizens also rose to SR6.5 billion, representing a 27 percent increase over the same period and reaching their highest level in almost three years, SAMA figures show.

People wait in line to remit money via a money transfer service in Riyadh. Shutterstock

The remittance upswing comes amid broader growth in cross-border transactions. According to Visa’s “Money Travels: 2024 Digital Remittances Adoption” report, published in October, senders in the Kingdom are primarily motivated to provide ongoing financial support to families, address urgent needs, and contribute to health and education-related costs.

These priorities have helped sustain high transaction volumes despite global remittance trends softening elsewhere.

The analysis also highlighted that digital platforms are now the preferred method for sending money internationally from Saudi Arabia. More than half of the surveyed users said they plan to increase their use of digital channels in the coming year, while fewer than a third expect to continue relying on traditional physical methods such as cash or money orders.

Ali Bailoun, Visa’s general manager for Saudi Arabia, Bahrain, and Oman, noted that the Kingdom remains one of the leading remittance-sending markets globally. He emphasized that the country’s payments sector is advancing rapidly and that local partners are continuing to enhance digital solutions that are secure, seamless, and aligned with evolving user expectations.

While digital tools are improving access and speed, remittance users nationwide still point to a few persistent challenges, including service fees and exchange rate clarity.

The study found that about one-third of senders and recipients reported concerns with costs and fee transparency, particularly when using cash-based transfer options.

Nonetheless, the continued shift toward digital channels is helping address many of these issues, offering users greater control, visibility, and convenience in managing international payments.

The report also found that 87 percent of Saudi-based respondents plan to send money abroad at least once per year. In comparison, 73 percent expect to receive remittances during the same timeframe, indicating steady demand and sustained cross-border financial engagement.

The upward volume and digital uptake trend reflect Saudi Arabia’s broader transformation agenda, as the Kingdom works to modernize its financial infrastructure in line with Vision 2030.

As remittance flows reach new highs, digital innovation plays a pivotal role in reshaping how individuals connect with and support their families worldwide.

Topics: SAMA Finance Saudi banks remittence

Related

graphic
Business & Economy
Saudi Arabia weekly POS transactions remain above $3bn: SAMA
Business & Economy
E-payments account for 79% of Saudi retail transactions in 2024: SAMA

Latest updates

Pakistan deputy PM to visit China tomorrow to discuss ‘evolving regional situation’
WWF opposes move to transfer snow leopards from Pakistan to Moscow
Lebanon says soldier among two wounded in Israeli strike
Rapper Werenoi, France’s biggest-selling music artist in recent years, dies at age 31
Mogadishu suicide bomber kills at least 10 at army recruitment drive
An ambulance is seen near the scene of a bomb attack in Mogadishu, Somalia Sunday, May 18, 2025. (AP)

Search form

Print Edition
Read pdf version Subscribe now
© 2025 SAUDI RESEARCH & PUBLISHING COMPANY, All Rights Reserved And subject to Terms of Use Agreement.