‎“Elm” signs agreement with “SDAIA” to provide E-services ‎

Elm announced the signing of an agreement with the Saudi Data and Artificial Intelligence Authority (SDAIA) (a related party) in order to enable the company to provide electronic services and products, as the term of the agreement is five years from the date of conclusion.

The company said in a statement today on “Tadawul” that the value of the agreement is expected to exceed 1% of the total revenues according to the annual audited financial statements for the year 2021 AD, and the agreement does not include a fixed total amount, and the value of the agreement depends on the number of transactions executed where they are obtained.

The agreement aims for SDAIA to provide electronic services to the company to enable it to provide a number of services and products that will be agreed upon according to appendices to be signed for each service or product.

Elm explained that the financial impact of this agreement will be reflected on the company’s results during the years of the agreement’s validity, according to the volume of operations, as the company obtains part of the financial compensation for the operations carried out, indicating that a member of the Board of Directors, Dr. Essam bin Abdullah Al-Waqeet, is a related party.