Riyadh – Mubasher: Arab Sea Information System Co has signed a memorandum of understanding (MoU) with the Small and Medium Enterprises Authority (SMEA) on Sunday to benefit from the services and technical solutions provided by the company.

The one-year MoU is renewal upon the approval of both parties, according to a statement on the Saudi Stock Exchange (Tadawul) on Monday.

Both parties seek mutual cooperation to achieve the objectives of the Saudi Vision 2030, as well as the SMEA’s vision, in bolstering the leading businesses economy in the field of technical solutions and accounting systems development, the statement indicated.

In September, the company announced that it signed a MoU with the General Authority of Zakat and Tax to provide and develop technical solutions and accounting systems that could ease implementing the value-added tax (VAT).

Arab Sea’s stock closed Sunday’s trading session up 0.73% at SAR 11.07.