CareerMidEast looking for investors

Published December 4th, 2000 - 02:00 GMT

CareerMidEast an Internet-based recruiting service covering the Middle East, is reportedly looking for funding from international investors, be used for working capital and short-term expansion plans, reported Gulf News.  


Created by three young Egyptian entrepreneurs, CareerMidEast was a recipient last year of five million Egyptian pounds from EFG-Hermes, the Egyptian investment fund operator. In so doing, EFG-Hermes received 62 percent of the capital. The remainder of the equity is held by the original founders. 


According to Sherif Al-Ghatrifi, the chief operating officer, the company is open to regional or international investors taking up stakes. What is needed is additional capital to expand the site’s range of services, which will include a call center portal and online psychometric tests. Currently, 75 percent of the available capital is being spent on promotion.  


CareerMidEast unveiled its Egyptian recruiting site in September 1999, followed up by sites in Saudi Arabia, Jordan, United Arab Emirates, Kuwait, Bahrain, Morocco, Oman, Qatar, Tunisia, Yemen and Lebanon. 


It currently has 4,500 company profiles, 6,500 companies registered, and has attracted 173,000 registered job seekers and received 95,000 resumes. The recruiters database includes such multinationals such as Raya Holdings, Sakhr Software, Click GSM, Orascom, Savola Sime, Unilever, Americana, Procter&Gamble, Nestle and Cadbury’s. — (Albawaba-MEBG)

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