Saudi AZM for Communications and Information Technology Co. Announces an Update on the MOU Signed with The National Housing Company
| Element List | Explanation |
|---|---|
| Introduction | With reference to the announcement made by Saudi AZM for Communications and Information Technology Co. on the Saudi Stock Exchange (Tadawul) 13-09-2023AD, regarding the signing of a memorandum of understanding with The National Housing Company. The company announces the signing of the partnership agreement between the two parties. |
| Previous Announcement | Saudi AZM for Communication and Information Technology Co. Announces signing a Memorandum of Understanding with The National Housing Company |
| Date of Previous Announcement on Saudi Exchange’s Website | 2023-09-13 Corresponding to 1445-02-28 |
| Hyperlink to the Previous Announcement on the Saudi Exchange Website | Click Here |
| Latest Developments Of The Announced Event | Saudi AZM Company for Communications and Information Technology announces that on May 5, 2025, the partnership agreement was signed with the National Housing Company to develop a digital platform specialized in providing financial and digital brokerage services.
Under the agreement, "Wasl Platform for Communications and Information Technology" will be the entity in charge of developing the new digital platform. The company’s capital will be equally shared, with 50% held by Saudi AZM and 50% by the National Housing Company.
The company will provide technical and fintech services as well as develop, operate, and manage digital brokerage services, aiming to redefine the user experience and offer multiple financing options in a secure and simple way. The company's scope also includes working on additional digital projects between the two parties in the future.
This partnership and its associated projects are subject to obtaining the necessary regulatory approvals from the related authorities in Saudi Arabia. Any material developments will be announced in due course. |
| Reasons For The Delay on The Date of The Event Previously Announced | Not applicable |
| The costs associated with the event, and if they have changed or not with indication of the reasons. | There are no costs |
| Delay consequences on the Company’s financial results | Not applicable |
| Additional Information | The company expects a positive financial impact during the upcoming period |
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