Dubai: Saudi Advanced Industries Co. (SAIC) signed a non-binding memorandum of understanding (MoU) on June 3 to acquire all shares of Dar Al Balad Business Solutions Co., including its rights and obligations, according to an Argaam.com report.
Argaam.com is a financial news portal that provides real-time updates on financial markets in Saudi Arabia.
SAIC, established in 1987, is an industrial investment vehicle of the US Peace Shield defence offset programme, which invests in technology companies in Saudi Arabia.
Dar Al Balad, founded in 2001, is one of the leading companies in the field of information technology and is a subsidiary of Dar Al Balad Holding Co.
It has built a strong reputation by providing services to banks, the insurance sector, financial brokerage firms, semi-government entities, and private sector companies. The company offers a diverse range of skills, expertise, services, and solutions at both local and regional levels.
The statement emphasised that completing the potential deal depends on both parties reaching a final, binding agreement on the terms and conditions, The six-month MoU is effective from the signing date and can be renewed through a written addendum.
The MoU will conclude either at the end of its term or upon signing a binding agreement. SAIC will announce any significant developments regarding the deal in due course, the report further stated.
The acquisition aims to support continued growth, expand service offerings, and prepare for listing on the main stock market within the next two years.
