The Kingdom of Saudi Arabia and Rezolve AI Ink Pioneering MOU to Establish Global AI Market Leaders

The Kingdom of Saudi Arabia and Rezolve AI Ink Pioneering MOU to Establish Global AI Market Leaders
Dan Wagner, CEO and Chairman of Rezolve AI Limited and Saleh Al-Khabti, Deputy Minister of Investment Transactions for the KSA
  • Establishment of an AI Centre of Excellence in Saudi Arabia
  • Creation of Global Market Leaders

(Please Note on December 17, 2021, Rezolve AI entered into a definitive Business Combination Agreement (as amended and restated on June 16, 2023, the “Business Combination Agreement”) with Armada Acquisition Corp. I (NASDAQ: AACI), a publicly traded special purpose acquisition company, which is expected to close in H1 2024, subject to approval by Armada’s shareholders, the Registration Statement being declared effective by the SEC, and other customary closing conditions. Upon closing of the transaction, the combined company’s shares are expected to trade on the Nasdaq under the ticker symbol “ZONE”.)

LONDON, March 18, 2024 (GLOBE NEWSWIRE) — In a strategic move that highlights the Kingdom of Saudi Arabia’s commitment to technological advancement and economic growth, the Ministry of Investment of Saudi Arabia (MISA) has forged a groundbreaking partnership with Rezolve AI Limited. This collaboration is set to revolutionize the artificial intelligence (AI) landscape, establishing an AI Centre of Excellence in Saudi Arabia as a cornerstone of Vision 2030’s innovation and development goals.

Key Highlights of the Partnership:

• Establishment of an AI Centre of Excellence in Saudi Arabia: To serve as a hub for innovation, leveraging Rezolve AI’s unique technology to navigate and solve the industry’s pressing challenge of AI hallucinations, ensuring the creation of reliable and ethical AI solutions.

• Creation of Global Market Leaders: In partnership with the Ministry of Investment, the goal is to launch at least five AI ventures in diverse market sectors, funded and headquartered locally, each aspiring to become global market leaders. These ventures will leverage Rezolve’s cutting-edge AI Large Language Model (brainpowa) to foster innovation and ensure global leadership without succumbing to AI hallucinations.

The initiative is integral to Saudi Arabia’s strategic vision, positioning the Kingdom not just as a leader in AI technology but also as the foundation for global AI-driven companies. This underscores Saudi Arabia’s role as a nucleus for technological innovation and economic diversification.

The Ministry of Investment will facilitate the participation of leading public and private financial and corporate institutions to anchor and support Rezolve’s upcoming listing on NASDAQ. This demonstrates KSA’s commitment to being open for business and welcoming the next generation of global leaders, encouraging them to base their operations and Headquarters in the Kingdom.

At the signing ceremony in Riyadh last week, Saleh Al-Khabti, Deputy Minister of Investment Transactions for the KSA, and Dan Wagner, CEO and Chairman of Rezolve AI Limited, underscored the transformative potential of this partnership. It marks a significant milestone in Saudi Arabia’s journey toward becoming a global technology powerhouse, showcasing the Kingdom’s commitment to nurturing the growth of next-generation technology leaders on an international stage.

About Rezolve AI Limited

Rezolve is taking retailing into a new era of customer engagement with a proprietary mobile engagement platform. The Rezolve Platform is a powerful set of mobile commerce and engagement capabilities that provide mobile application vendors with a range of valuable commercial opportunities that can be realized without having to develop code, host operations or manage security. The Rezolve Inside SDK allows mobile application vendors to quickly deliver innovation for their consumers into existing or new mobile apps. Rezolve was founded in 2016, is headquartered in London, UK and has offices including: Shanghai, New Delhi, Taipei, Frankfurt, Madrid, Mexico City and Providence, RI, USA. (www.rezolve.com)

About Armada Acquisition Corp. I

Armada Acquisition Corp. I (Nasdaq: AACI) is a blank check company whose business purpose is to effect a merger, capital stock exchange, asset acquisition, stock purchase, reorganization, or similar business combination with one or more businesses. Armada was founded on November 5, 2020 and is headquartered in Philadelphia, PA.

Media contacts:

Ministry of Investment, Kingdom of Saudi Arabia:
InvestorCare@misa.gov.sa

Rezolve:
urmeekhan@rezolve.com
44-7576-094-040

Armada Acquisition Corp:
Mike Bishop Bishop IR, LLC mike@bishopir.com

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/c01e8271-55cc-41e5-818e-e68133cdc513

GlobeNewswire Distribution ID 9064927

National Foods Limited Issues Final Notice on Unclaimed Shares and Dividends

Karachi, National Foods Limited has issued a final notice to its shareholders regarding unclaimed cash dividends, as detailed on the company’s website under the "Investor Relations" section. These dividends have remained unclaimed for a period exceeding three years from their due and payable date.

Shareholders have been notified via their last known addresses to submit their claims within three months. The company has acknowledged receiving responses to this notice and will be releasing dividends accordingly.

Furthermore, National Foods Limited is calling upon its shareholders to lodge their claims within 90 days at the CDC Share Registrar Services Limited, located at CDC House, 99-B, Block- B, S.M.C.H.S., Main Shahrah-e-Faisal, Karachi 74400, Pakistan. Shareholders can contact the registrar through their toll-free number 0800-23275, email at info@cdcsrsl.com, or visit their website at www.cdcsrsl.com for further information.

Should no claims be received within the specified timeframe, National Foods Limited will proceed to deposit the unclaimed or unpaid amounts with the Federal Government, in accordance with Sub-section (2) of section 244 of the Act.

HBL Growth Fund Announces Financial Performance

Karachi, The HBL Growth Fund, categorized under "HBL Growth Fund - (A) NC" (HGFA), disclosed a notable financial performance with a closing rate of 7.07 and a net asset value (NAV) of 2,835.00. The fund reported a growth rate of 12% in its latest financial announcements to the Pakistan Stock Exchange (PSE). The investment fund, which has a minimum investment requirement of 500 units, established in 1980, remains a significant option for investors seeking growth opportunities.

Symmetry Group Limited Announces Dividend Amidst Earnings Report

Karachi, Symmetry Group Limited, with the symbol SYM, disclosed a 5% dividend alongside an EPS of 0.65 for January and February 2024. The technology firm, which debuted on the Pakistan Stock Exchange in November 2023, showcased a paid-up capital of Rs. 285.25 million. The trading price of its shares stood at Rs. 3.63, matching the daily weighted average.

Tri-Star Mutual Fund Faces Decline in Performance

Karachi, Tri-Star Mutual Fund NC (TSMF), in its latest financial disclosure to the Pakistan Stock Exchange (PSE), reported a decrease in its performance with a closing rate of 4.90 and a net asset value (NAV) of 50.00. Unlike its counterparts, the fund did not announce any profit and marked a significant decline of 3.26% in its financial performance. Established in 1994, with a minimum investment requirement of 500 units, the fund currently faces challenges in maintaining its previous performance levels.

Systems Limited Reports Significant Earnings Per Share

Lahore, Systems Limited, listed as SYS on the Pakistan Stock Exchange, announced a remarkable EPS of 22.44 for the first two months of 2024. The company, which has a paid-up capital of Rs. 2,912.79 million and was listed in May 2015, also declared a 50% distribution. Shares were traded at a rate of Rs. 410.61, reflecting the daily weighted average.

B.F. Modaraba Reports a Negative Earnings Per Share of Rs. 0.80

Karachi, B.F. Modaraba, another key player on the Pakistan Stock Exchange, disclosed a negative earnings per share (EPS) of Rs. 0.80 for January to February 2024. The company, with a paid-up capital of Rs. 75.15 million, did not declare any dividends or distributions during this period. Since its listing in 1989, B.F. Modaraba has maintained its position in the market without revealing its turnover figures, reflecting a cautious approach towards financial disclosures.

Telecard Limited Announces Modest Earnings and Dividend

Karachi, Telecard Limited, trading under the symbol TELE, reported an EPS of 0.40 and a 7.5% bonus for January-February 2024. The company's paid-up capital stands at Rs. 3,386.25 million, with shares trading at Rs. 8.95, consistent with the daily weighted average. Listed in October 1995, Telecard Limited continues to provide shareholder value despite modest earnings.

Constellation Modaraba: Financial Performance Remains Unspecified

Karachi, Constellation Modaraba, listed on the Pakistan Stock Exchange since 1991, has yet to disclose its financial performance for the period of January to February 2024. The company, with a paid-up capital of Rs. 64.62 million, has not announced any dividends or earnings per share for this period. The lack of financial disclosures from Constellation Modaraba continues to maintain an air of anticipation among investors regarding its market strategy and financial health.

TPL Corp Limited Reports Losses in Recent Financial Update

Karachi, TPL Corp Limited, with a trading symbol of TPL, disclosed a loss per share of (3.23) for the initial months of 2024. The company, holding a paid-up capital of Rs. 2,672.98 million and listed in October 2012, saw its shares trading at Rs. 5.41. No dividends or bonuses were announced for the shareholders during this period.

Equity Modaraba Maintains Silence on Financial Performance

Karachi, Equity Modaraba, with a notable presence on the Pakistan Stock Exchange since 1992, has not disclosed its earnings per share or any dividends for January to February 2024. Despite a paid-up capital of Rs. 524.40 million, the company remains silent on its financial performance, including turnover rates, leaving investors speculating about its current financial health and future strategies.

TPL Trakker Ltd Reports Slight Loss in Early 2024

Karachi, TPL Trakker Ltd, operating under the symbol TPLT, reported a minimal loss per share of (0.23) for January and February 2024. The tracking company, with a paid-up capital of Rs. 1,872.63 million and listed in October 2020, had its shares traded at Rs. 6.18. No distributions were declared for the fiscal period.