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IHC acquires 55% stake in Reach Employment Services for Dh315 million
The diversified Abu Dhabi-based conglomerate's first business acquisition of the year comes as the company continues to scale and diversify its investments locally and internationally, including the sector of employment services
The IHC's latest move aims to create a thriving network for the UAE industry and benefiting employees across the country and jobseekers globally. — Supplied photo
International Holding Company (IHC) has announced the acquisition of a 55 per cnt majority stake in Reach Employment Services in Dh315 million transaction, one of the largest market leaders for employees’ recruitment and outsourcing, serving a diverse range of government and private organizations in the UAE.
The diversified Abu Dhabi-based conglomerate's first business acquisition of the year comes as the company continues to scale and diversify its investments locally and internationally, including the sector of employment services.
The IHC's latest move aims to create a thriving network for the UAE industry and benefiting employees across the country and jobseekers globally.
Syed Basar Shueb, chief executive officer of IHC, said employment services are an important part of any community’s economic development strategy, specifically for emerging market and industries.
"Over the past two years and a half, we have taken successful steps with the employment sector investments through our subsidiary Work Force Holding and with the 'Reach’ acquisition, we be increasing our market share in a very targeted manner and investments in employment services which will improve our labour market position,” he said.
Founded in 1999, Reach Employment Services has placed over 20,000 Full-Time Equivalent Employees (FTEs) to date. The company has more than 125 existing clients, with an average tenure of 11 years with its top 10 clients. In 2022, the revenue of ‘Reach Employment Services' reached Dh861 million and a profit of Dh67.5 million.
The company serves a diverse range of public and private entities and has developed a broad portfolio of capabilities to address recruitment challenges successfully. Moreover, as a registered and approved outsourcing agency by the Ministry of Labour, Reach Employment
Services has an open visa quota, resulting in faster candidate mobilisation, eliminating the recruitment burden, and allowing companies to concentrate on their core business.
Reach Employment Services searches, identifies, recruits, and hires employees directly on its payroll and outsources them to its clients, thereby reducing a significant burden of the HR process for its clients. The company has helped renowned entities across the UAE with employment services.
— muzaffarrizvi@khaleejtimes.com
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