Latest news with #Edarat
Argaam
24-03-2025
- Business
- Argaam
CMA approves Edarat's 100% capital hike via bonus shares
The Capital Market Authority (CMA) approved Edarat Communication and Information Technology Co. 's application to increase its capital from SAR 25.2 million to SAR 50.4 million, the market regulator said in a statement today, March 24. The capital hike will be carried out through the issuance of one bonus share for every share held by shareholders registered with the Securities Depository Center (Edaa) by the close of the second trading day after the record date, which will be determined later by Edarat's board. The capital increase will be funded by transferring SAR 2.52 million from retained earnings to the company's capital, according to the CMA. As a result, the number of shares will increase from 6.25 million to 12.5 million, reflecting an addition of 6.25 million shares. The market regulator stated that the company's extraordinary general meeting (EGM) should be held within six months of this approval date, provided that the company satisfies all regulatory requirements and applicable laws. In December, Edarat's board recommended a 100% capital increase, distributing one bonus share for every share held. The move aims to bolster the company's capital base and support future growth initiatives, reinforcing its strategy to drive solid expansion in the coming years, according to Argaam data. Edarat's board of directors approved the company's transition from the Nomu-Parallel Market to the Main Market (TASI).
Zawya
12-02-2025
- Business
- Zawya
KPMG and Edarat launch strategic partnership to accelerate AI adoption in Saudi Arabia
Riyadh, Saudi Arabia: KPMG, a leading global professional services firm has teamed up with Edarat, the largest independent data center provider in the Middle East and North Africa region, to drive AI adoption across the Kingdom. The partnership was sealed with an MoU signed in the sidelines of LEAP in Riyadh, the premier technology conference in the region, and marks a significant step toward achieving Saudi Arabia's Vision 2030 by positioning it as a global leader in AI innovation. KPMG in recent years has double-downed on its Digital and Innovation advisory services portfolio, particularly in the domain of AI. Its latest venture, Project Emerald AI is a cutting-edge private cloud infrastructure designed to make AI deployment easier and more cost-effective for organizations based in Saudi Arabia. The tool is built to ensure full compliance with local regulations while providing scalability and security, making it an ideal solution for Saudi businesses looking to embrace AI without significant upfront costs. Edarat serves as one of the largest independent data center providers in the MENA region. With a focus on delivering reliable IT infrastructure, Edarat supports critical operations across various industries, ensuring high availability and security for clients' digital needs. KPMG and Edarat are collaborating to address key challenges in AI adoption, by eliminating data residency, cybersecurity, and scalable infrastructure concerns. This partnership aims to accelerate the implementation of AI technologies in the Kingdom while ensuring compliance with the National Data Management Office and other regulators in a low cost and efficient way. 'KPMG is committed to empowering Saudi Arabia with the latest AI technologies to drive economic growth, societal transformation, and turbo-charge the regions intelligent economies. This collaboration with Edarat showcases our joint commitment and considerable investment to scale the AI infrastructure necessary in the Kingdom. With Mazhar Hussain, our AI leader for the region, at the helm of this priority mandate, I am confident this initiative will provide a unique value proposition for our clients, our people and pave the way for an AI-ready future," said Robert Ptaszynski, Partner and Head of Digital and Innovation at KPMG Middle East. From Edarat, Jihad Nehme, Chief Business Development Officer commented: 'We are excited to partner with KPMG in this transformative journey towards AI adoption in Saudi Arabia. At Edarat, we believe that our robust data center facilities and cloud infrastructure is crucial in enabling businesses to harness the power of AI effectively and securely. This collaboration not only strengthens our commitment to providing reliable IT solutions but also aligns with our vision of supporting the Kingdom's ambitions under Vision 2030. Together, we aim to pave the way for a vibrant, innovative future that accelerates economic growth and enhances industry efficiency."
