solutions, Jedco set up JV to provide digital solutions for projects

Logo of Arabian Internet and Communications Services Co. (solutions)

Arabian Internet and Communications Services Co. (solutions) signed a joint venture agreement with Jeddah Development and Urban Regeneration Co. (Jeddah Co.), the development arm of Jeddah Municipality, to establish a limited liability company (LLC), according to a statement to Tadawul today, May 29. 

The new entity will be capitalized at SAR 3 million, of which solutions will own 70% while the remainder will be held by Jedco.

The JV came as part of solutions' efforts to expand public-private partnerships (PPPs). Through this partnership, cutting-edge digital solutions will be provided for projects managed by Jeddah Co. and its subsidiaries, the company stated. 

The new entity will empower the projects and initiatives of Jeddah Co. and assigned projects through providing digital solutions to enable digital transformation, creating and developing digital platforms, offering managed services for projects and developing information technology infrastructure. 

The partnership is subject to regulatory approvals from the Saudi relevant authorities for its completion, said the company, adding that any material development will be announced in due course.