Arabian Internet and Communications Services Company (solutions) announces the signing of a joint venture agreement with Jeddah Development and Urban Regeneration Company (Jedco) to establish a limited liability company.

Arabian Internet and Communications Services Company (solutions) announces the signing of a joint venture agreement with Jeddah Development and Urban Regeneration Company (Jedco) to establish a limited liability company.

Arabian Internet and Communications Services Company (solutions) announces the signing of a joint venture agreement with Jeddah Development and Urban Regeneration Company (Jedco), the development arm of Jeddah Municipality to establish a limited liability company. The objective of establishing this company (the new entity) comes as part of solutions efforts in expanding partnerships between the public and private sectors (PPPs), as through this partnership, cutting-edge digital solutions will be provided for projects managed by Jedco and its subsidiaries. The capital of the new entity is SAR 3 million, of which solutions will own 70%, and 30% will be owned by Jedco. The new entity will enable the projects and initiatives of Jedco and assigned projects through: • Providing digital solutions to enable digital transformation • Creating and developing digital platforms • Providing managed services for projects • Developing information technology infrastructure The partnership is subject to regulatory approvals from the relevant authorities in the Kingdom of Saudi Arabia to complete the partnership and any material development will be announced in due course.