Extension of the memorandum of understanding with Saudi Fransi Capital for 60 days

Al Moammar Information Systems Company announced the extension of the memorandum of understanding with Saudi Fransi Capital.
The company had announced on the Tadawul website last July 7 that it had signed a memorandum of understanding with Saudi Fransi Capital with the aim of exploring and studying the feasibility of establishing cloud services activity for artificial intelligence in the Kingdom of Saudi Arabia by providing a high-performance computing infrastructure that takes advantage of the latest graphics processing units (GPU).
The company said that the memorandum will be extended for an additional 60 days.
She stated that the extension came with the aim of completing research and development of potential strategic partnerships and implementation strategies.
She noted the significant progress that has been made in the feasibility study, especially in the areas of market analysis, business model recommendations, and initial financial assessment, which reflects the parties’ joint commitment to achieving the goal of the memorandum of understanding.