solutions establishes Amana Tech in partnership with Jedco

Arabian Internet and Communications Services Co. (solutions) announced on Oct. 17 that Amana Tech Co. for Business Solutions was established in partnership with Jeddah Development and Urban Regeneration Co. (JDURC), which is owned by the Jeddah Municipality.

The company explained in a statement on Tadawul that the deal was financed through solutions’ own resources. The new entity is aimed at implementing and operating technical and digital solutions for projects managed by Jedco and its subsidiaries.

This partnership was in line with solutions’ LEAP strategy for growth and expansion in promising business lines, which aims to enable digital transformation for its customers and provide the best solutions for its shareholders.

In May, solutions and Jedco signed a joint venture (JV) agreement to establish a limited liability company (LLC), capitalized at SAR 3 million, of which solutions will own 70% while the remainder will be held by Jedco, Argaam earlier reported.

In August, the General Authority for Competition (GAC) issued a no-objection to the JV agreement.