Saudi Azm, NHC sign deal to launch digital services joint venture

Logo of Saudi Azm for Communication and Information Technology Co.

Saudi Azm for Communication and Information Technology Co. signed a partnership agreement on May 5 with the National Housing Co. (NHC) to establish a specialized entity focused on digital services and financial brokerage solutions.

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In a statement to Tadawul, Saudi Azm said the newly formed entity, Wasl Platform for Communications and Information Technology, will be responsible for developing and operating the digital platform under the partnership.

The joint venture will be equally owned by Saudi Azm and NHC, with each holding a 50% stake, the statement added.

Wasl will offer technology and fintech services, including the development, operation, and management of digital brokerage solutions aimed at enhancing user experience and expanding access to secure, efficient financing options. The partnership will also explore future digital initiatives between the two parties.

Saudi Azm noted that the partnership and its projects remain subject to regulatory approvals from relevant Saudi authorities.

The company said any material developments will be disclosed in due course and expects the partnership to have a positive financial impact in the coming period.

According to data available by Argaam, Saudi Azm signed a memorandum of understanding with NHC in September 2023 to enhance services through advanced technologies and develop innovative financial solutions.