Saudi Azm inks $2.66mln contract with Monsha’at for Mazaya project

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Riyadh – Saudi AZM for Communications and Information Technology Company signed a SAR 9.82 million contract with the General Authority for Small and Medium Enterprises (Monsha’at) for the Mazaya project.

The 24-month contract, which was concluded on 9 November 2023, aims to provide consulting services besides implementing, managing, and operating the Mazaya platform, which will connect small and medium-sized enterprises (SMEs) with business service providers, according to a bourse disclosure.

Saudi Azm added that this contract will positively impact the company's financial results for the fiscal year (FY) 2024/2025.

The company confirmed that all required signatures had been obtained and a copy of the contract was received at the end of 14 November 2023.

It is worth noting that in late May 2023, the Tadawul-listed firm concluded a SAR 22 million Sharia-aligned financing agreement from Banque Saudi Fransi.