SAN FRANCISCO: mCloud Technologies Corp., a leading provider of AI-powered asset management and Environmental, Social, and Governance solutions, signed a Memorandum of Understanding with Aramco, according to a statement from mCloud.

Under the MoU, mCloud will explore with Aramco the co-development of a digital technology hub for delivering ESG solutions in Saudi Arabia.

This hub would enable both parties to jointly develop new AI-powered innovations to facilitate the carbon reduction of complex energy-intensive assets throughout the Kingdom and abroad, the statement added.

The company plans to develop a center of excellence that will serve as a home base for a dedicated team of ESG and digital transformation experts based in Saudi Arabia, it added.

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