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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Lunar relay satellite all set for launch

The combination of the relay satellite Queqiao-2 and the Long March-8 Y3 carrier rocket has been vertically transferred to the launching area at the Wenchang Space Launch Center in south China’s Hainan Province.

According to the China National Space Administration the satellite is projected to be launched at an appropriate time within the next few days. The rocket check, the joint test work and the propellant filling will be carried out before the launch.

Queqiao-2, or Magpie Bridge-2, will serve as a relay platform for the fourth phase of China’s lunar exploration program, providing communications services for the Chang’e-4, Chang’e-6, Chang’e-7, and Chang’e-8 missions.

Source: Radio Pakistan

Pakistan Army organizes four-day study tour for students of Bajaur district

Pakistan Army organized a four-day study tour for thirty students of various schools and colleges of Bajaur district.

The students were taken to historical buildings and important educational institutions in Islamabad, Rawalpindi, Lahore and Peshawar and were briefed in this regard.

In Rawalpindi, the students visited Army Museum, Army Institute of Military History, NUST, and Pakistan Monument and Faisal Mosque in Islamabad.

In Lahore, the students were taken to Minar-e-Pakistan, Badshahi Mosque, Mazar-e- Iqbal, Army Museum Lahore, Allama Iqbal Residency and Wagah Border.

The students thanked Pakistan Army for organizing the study tour.

Source: Radio Pakistan

CM Punjab takes notice of death of sewer worker in Faisalabad

Punjab Chief Minister Maryam Nawaz has taken notice of the death of a sewer worker during cleaning of the gutter in Faisalabad.

In a statement, she expressed a deep sense of sorrow and sympathy for the bereaved family.

She also sought a report from the Commissioner Faisalabad about the incident and said that the tragic death of the sewer worker during duty is extremely regrettable.

Source: Radio Pakistan

PM expresses grief over death of PML-N leader Raja Waqar Mumtaz

Prime Minister Muhammad Shehbaz Sharif has expressed grief and sorrow over the death of PML-N Islamabad District President Raja Waqar Mumtaz.

In his condolence message, he commiserated with the bereaved family and prayed for the departed soul.

Minister for Information and Broadcasting Attaullah Tarar has expressed grief and sorrow over the death of PML-N Islamabad District President Raja Waqar Mumtaz.

In his condolence message, he commiserated with the bereaved family and prayed for the departed soul.

He said Raja Waqar Mumtaz was a sincere and committed worker of the PML (N) and his death has caused irreparable loss the party.

He said Raja Waqar Mumtaz’s services valuable services for the party will always be remembered.

Source: Radio Pakistan

CM Punjab approves metro bus projects in three cities

Punjab Chief Minister Maryam Nawaz Sharif has approved the decision in principle to start the metro bus project in three cities of Punjab.

She gave this approval while chairing a meeting with Quaid Muslim League-Nawaz Muhammad Nawaz Sharif, in Lahore today.

The meeting reviewed the transport sector projects in Lahore. The Chief Minister also sought the plan for an underground train project in Lahore.

On this occasion, Quaid Muslim League Nawaz Muhammad Nawaz Sharif directed to increase the number of bikes for students. He said that the monthly instalment of the bike should be kept to a minimum for the students.

The meeting was briefed about a project involving 20,000 electric and petrol bikes and a 657-bus service project in five cities.

The meeting was informed that the delivery of bikes will start in the same month after the draw in May.

Source: Radio Pakistan

Punjab unveils budget worth over 4,480 billion rupees

A public friendly Provincial Budget for fiscal year 2023-24 worth 4480 Billion 700 Million Rupees was tabled during Punjab Assembly session in Lahore this evening.

Punjab Finance Minister Mian Mujtaba Shuja ur Rehman presented the Provincial Budget in the House.

During his budget speech, the Finance Minister said that the estimate for total income has been made as 3331 Billion 700 Million Rupees. He said that Under the NFC Award, Punjab will get 2706 Billion 400 Million Rupees from the Federal Divisible Pool.

He said that estimates of Provincial Revenue has been estimated as 625 Billion 300 Million Rupees, which is 25 percent more than previous fiscal year. Out of them, Punjab Revenue Authority will generate 240 Billion Rupees, Board of Revenue 99 Billion 200 Million Rupees while Excise Department will generate revenue worth 45 Billion 500 Million Rupees.

Punjab Finance Minister said that under the 30 Billion rupees-Ramadan Nigehban Package, special hampers are being delivered at the doorsteps of deservin
g families for the first time in Province history.

He said that 10 Billion rupees have been allocated for Pakistan’s largest Nawaz Sharif IT City in Lahore while four billion rupees for IT Infrastructure Investment Program. He said that the Provincial Database Authority is being set up at a cost of 500 Million rupees.

He said that for the education sector, a total allocation of 595 Billion 80 Million rupees has been reserved which makes 26 percent of total non development provincial budget. He said that the new government is going to launch a five year Health Reforms Program and a grant allocation of 473 Billion 620 Million rupees has been made for the Health sector during this fiscal year.

The Finance Minister said that four Overhauling programs for improvement of Rural Health Centers and Basic Health Units have been launched which will cost forty billion rupees. He said that Nawaz Sharif Institute of Cancer Treatment and Research is being set up in Lahore with an estimated cost of thirty billion rupees.

H
e said that a grand program to construct and repair the eighty roads and highways throughout the province, on which 320 Billion rupees will be spent.

Source: Radio Pakistan