solutions inks framework deal to provide Saudi Aramco with electronic devices

Arabian Internet and Communications Services Co. (solutions) signed today, March 10, a framework agreement with Saudi Arabian Oil Co. (Saudi Aramco) to provide the latter with electronic devices.

The agreement value may exceed 5% of solutions’ revenues as per the latest audited annual financial statements for 2023, solutions said in a statement to Tadawul.

The five-year agreement entails the supply and distribution of electronic devices and their accessories to Saudi Aramco, along with their distribution across three warehouses covering all the latter’s sites in Saudi Arabia. This is besides the provision of qualified staff for the maintenance of these electronic devices for Saudi Aramco.

The financial impact on solutions’ financial statements will appear starting Q3 2024. There are no related parties to the deal, the statement added.