Axelerated Solutions for Information and Communication Technology Co. announces the signing of a preliminary Memorandum of Understanding with Al Wathiqa Al Masiya Closed Joint Stock Company (Diamond Insurance Broker) regarding the Company’s investment in the Shaheen Electronic Insurance Brokerage Platform.

The final investment decision will be subject to the completion of due diligence, the negotiation of the relevant definitive agreements, and obtaining the necessary regulatory approvals, if any.

The Company stated that the Memorandum of Understanding does not specify a fixed term and will remain in effect until the completion of due diligence and negotiation of the final agreements, or until mutually terminated by both parties.