Elm inks data development deal with Ministry of Interior, SDAIA

10/07/2024 Argaam
Logo ofElm Co.

Logo of Elm Co.

Elm Co. signed, on July 9, a data resources development agreement with the Ministry of Interior and the Saudi Data & AI Authority (SDAIA).

 

The agreement aims to enable the company to develop and provide products and services in accordance with the terms and conditions.

 

The 10-year agreement starts from Jan.1, 2024, and does not include a fixed amount, Elm said in a statement to Tadawul.

 

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Revenue from the products and services that fall within the agreement for 2023 constituted approximately 42% of the company’s total revenue as per the audited financial statements for the same year.

 

This agreement replaces previous agreements, and the parties receive a percentage of the revenue of the products and services that falls within the agreement.

 

The contract may have a positive impact on Elm’s revenue during the duration of the agreement as it may lead to expanding the products and services provided, the statement added, indicating that no related parties are included in the deal.

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