RIYADH: Saudi-based human resources firm Tharwah is planning to use the anticipated SR50 million ($13 million) raised from its Nomu listing to fund its expansion plans, according to its CEO. In an interview with CNBC, Abdullah Al-Zahrani explained that the company aims to allocate more than 80 percent of the proceeds to support its horizontal and vertical expansion in the Gulf region, noting that the company recently opened offices in the UAE and Egypt. This follows Tadawul’s statement released earlier this month, in which Value Capital Co., in its capacity as the financial adviser and lead manager on the potential offering of Tharwah, announced the firm’s intention to present 705,735 ordinary shares, representing 15 percent of its offerings. It was also revealed that the company’s shares would be listed on Nomu. This move falls in line with the firm’s goal to become a leading expert center in human capacity development by delivering best-in-class solutions that meet global standards while considering local understanding. Al-Zahrani said it also aligns well with Saudi Arabia’s promising consulting market and the company’s consistent approach to the Kingdom’s Vision 2030. During the interview, the CEO said that the company implemented over 90 projects with government agencies and the private sector, which was worth an accumulated SR150 million during the last period. Al-Zahrani added that since the beginning of 2024, the volume of existing contracts has reached 30, totaling SR90 million. It is anticipated that the company will grow by more than 20 percent this year. He also revealed that Tharwah’s market share has reached 7 percent in the human capital consulting sector and it is targetting to further boost it during the coming period, expecting revenues to reach SR90 million by the end of 2024. The CEO said that the coming period after listing will focus on growth, in addition to having a strategy for dividends after supporting the expansion plan and then reaching the balance stage that enables the company to make dividend distributions. Established in 2012, Tharwah is a Saudi firm specializing in Human Capital Advisory Services. Its goal is to enable clients to empower their human capital to achieve their strategic objectives.