DBS to determine structure of potential acquisitions after studies: Chairman

Abdullah Al-Juraish, Chairman of Dar Al Balad for Business Solutions (DBS)

Abdullah Al-Juraish, Chairman of Dar Al Balad for Business Solutions (DBS), said that the signing of a non-binding memorandum of understanding with Clouding Computer Systems DWC- LLC and Clouding Intelligence Computer Systems LLC, to study a potential transaction involving the company’s acquisition of up to 100% of the two companies, comes as part of the company’s strategy to enter the artificial intelligence solutions market.

He explained that the company is still studying the transaction and is in the process of appointing advisory firms to complete the necessary studies and due diligence.

"We will determine the structure and implementation mechanism of the deal based on the results of the studies in due course," he added.

On September 6, DBS signed a non-binding (MoU) with Clouding Computer Systems DWC-LLC and Clouding Intelligence Computer Systems LLC to explore the potential acquisition of up to 100% of the ownership interests in both companies.