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

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Stock Movements and Trading Activity at Pakistan Stock Exchange on 15 March

Karachi, In the latest trading session on the Pakistan Stock Exchange (PSE) dated 15 March 2024, key financial movements were recorded for several companies. Noteworthy among them were Dolmen City and Engro Corp, each showing distinct trading activities throughout the day.

Dolmen City, under the company code DCR-MAY, recorded a closing price of 14.72 with the stock reaching a high of 14.67. Despite the trading session ending without any shares of Dolmen City being traded, the slight variation in the stock's high and closing price was noted.

Engro Corp, trading under the company code ENGRO, showcased a stable performance with its opening price at 335 and a close at 335, maintaining a narrow trading range between 332.5 and 333.22. The total shares traded for Engro Corp amounted to 160,536, closing at a price of 334.78.

Additionally, Engro Corp had entries for future months, including ENGRO-APR and ENGRO-MAR, although no trading activity was recorded for these future contracts. The ENGRO-MAR contract, however, observed a slight increase from its opening price of 335.5 to a closing of 336, with 80,500 shares traded, marking a closing price of 337.48. The ENGRO-MAY contract also remained untraded.

Chemical Sector Marginally Increases in Index

Karachi, The Chemical sector reported a slight increase with a market capitalization of Rs. 546,007,126,625 and a traded value of Rs. 92,745,528.700 from a turnover of 2,834,339. The sector's index slightly rose to 24,955.870, with a net change of 0.510, accounting for 5.933% of the market capitalization as noted on March 15, 2024, in the Pakistan Stock Exchange.

Gammon Pakistan Observes Minor Adjustment in Share Price

Karachi, Gammon Pakistan (GAMON) saw a slight adjustment in its share price in today’s trading on the Pakistan Stock Exchange. The company's stock opened and closed at PKR 13, after ranging between a low of PKR 12 and a high of PKR 12 during the session. A total of 45,500 shares were traded, with the closing price settling at PKR 12.85.

Gul Ahmed Textile Mills Ltd. Reports Steady Performance

Karachi, Gul Ahmed Textile Mills Ltd. (GATM), a leader in the textile industry, announced a consistent financial performance with a 20% bonus distribution for its shareholders. With a significant paidup capital of Rs. 19.76 million and a vast operational scale, the company maintained a stable outlook for the fiscal year 20222023. Listed since 1970, Gul Ahmed Textile Mills has continued to demonstrate its market resilience, achieving an EPS of Rs. 5.39 for the initial months of 2024.

Fauji Fertilizer Bin Qasim Announces Trading Figures on Pakistan Stock Exchange

Karachi, Fauji Fertilizer Bin Qasim Limited (FFBL) experienced notable trading activity on the Pakistan Stock Exchange (PSE) on March 15, 2024. The company's stock opened at PKR 24.91 and closed at PKR 25.65, after fluctuating between a low of PKR 24.8 and a high of PKR 25.24. A total of 1,694,161 shares were traded, with the closing price set at PKR 24.79.

In parallel trading, Fauji Fertilizer Bin Qasim's April bonds (FFBL-APRB) did not witness any trading activity; however, the bonds were valued at PKR 25.54 against a high of PKR 25.97.

Additionally, the company's March bonds (FFBL-MARB) saw active trading, opening at PKR 25.15 and closing higher at PKR 25.75. These bonds ranged between PKR 25.15 and PKR 25.5, with a total of 132,500 shares traded, culminating in a closing price of PKR 25.11.

The May bonds (FFBL-MAY) for Fauji Fertilizer Bin Qasim were also not traded on this day, but they were assessed at a closing price of PKR 26.16, against a high of PKR 26.61.

Close-End Mutual Fund Sector Shows Minimal Movement

Karachi, The Close-End Mutual Fund sector exhibited minimal movement with a market capitalization of Rs. 2,907,030,000 and a traded value of Rs. 71,575.00 from a turnover of 21,500. The sector's index stood at 1,980.270, with a net change of 0.960, representing 0.032% of the market capitalization as of March 15, 2024, in the Pakistan Stock Exchange.

Fauji Foods Ltd Reports Slight Price Variations on Pakistan Stock Exchange

Karachi, The Pakistan Stock Exchange (PSE) saw modest activity in the shares of Fauji Foods Ltd on March 15, 2024, with minor price fluctuations across different listings for the company.

Fauji Foods Ltd's main stock, listed under the code FFL with company number 810, opened at a price of PKR 9.27 and closed slightly higher at PKR 9.29. Throughout the trading day, the stock experienced a low of PKR 8.98 and a high of PKR 9.02, with a total of 4,515,991 shares traded, closing at PKR 9.17.

The FFL-APR futures contract showed no opening or closing transactions, maintaining a stagnant position with zero shares traded. However, it recorded a high of PKR 9.28, concluding at a closing price of PKR 9.45.

Similarly, the FFL-MAR futures contract exhibited a bit more activity, opening at PKR 9.30 and closing at PKR 9.35. The stock reached a low of PKR 9.07 and a high of PKR 9.13, with 1,663,500 shares traded, ultimately settling at a closing price of PKR 9.22.

The FFL-MAY futures contract, like the APR contract, did not see any opening or closing transactions, and no shares were traded. It peaked at PKR 9.51 and finished at a closing price of PKR 9.69.

Ghandhara Automobile Reports Notable Trading Activity and Price Increase

Karachi, Ghandhara Automobile saw significant trading activity on the Pakistan Stock Exchange on March 15, 2024, with its stock price closing at 85.45, up from the opening price of 82.5. The stock fluctuated between 82.11 and 85.45 throughout the trading session, with a total of 753,559 shares changing hands. The closing price marked a notable increase compared to the previous close of 79.49.

Kohinoor Industries Records Modest Earnings Amid Market Challenges

Karachi, Kohinoor Industries Ltd. (KOIL), with a listing date going back to 1957, has posted modest financial results for the year ending January-February 2024. The company, holding a paidup capital of 303.03 million, reported an earnings per share of Rs. 1.44 for the 2022/2023 financial year. Despite the economic challenges faced by the textile sector, Kohinoor Industries did not announce any dividend for its shareholders. This financial outcome reflects the company's cautious approach in navigating the uncertain market conditions.