Al-Khaleej Training and Education Company announces the signing of a (non-binding) Memorandum of Understanding with Al-Awael Gulf Holding Company (a Saudi LLC) and Al-Awael Private Schools Company (a Saudi LLC).

Al-Khaleej Training and Education Company announces the signing of a (non-binding) Memorandum of Understanding with Al-Awael Gulf Holding Company (a Saudi LLC) and Al-Awael Private Schools Company (a Saudi LLC).

|Element List||Explanation|

|Introduction||Al-Khaleej Training and Education Company announces the signing of a (non-binding) memorandum of understanding with the Al-Awael Gulf Holding Company in Riyadh to potentially acquire (70%) of the ownership shares of Al-Awael Private Schools Company in Riyadh, which is wholly owned by Awael Gulf Holding Company, upon reaching a final agreement between the two parties.|

|Memorandum Signing Date||2022-08-03 Corresponding to 1444-01-05|

|Counterparty||Al-Awael Gulf Holding Company (a Saudi LLC) and Al-Awael Private Schools Company (a Saudi LLC))|

|Memorandum Subject||Understanding to reach a final agreement for the acquisition of Al-Khaleej Training and Education Company (70%) of the ownership shares of Al-Awael Gulf Holding Company in Al-Awael Private Schools Company.|

|Memorandum Duration||This memorandum shall be effective from the date of its signature and for a period of (120) days from the date of signing it or until the completion of the signing of the final agreement - whichever is earlier, and the period can be extended for other periods under a new written agreement between the two parties|

|Related Parties||There are no related parties.|

|Financial Impact||There is no financial impact currently|

|Additional Information||Any material developments in relation to the memorandum of understanding or the proposed acquisition will be announced in due course. Al Khaleej Training and Education Company appointed