The MOU establishes a preliminary framework to explore potential cooperation in the Kingdom of Saudi Arabia. Potential areas of collaboration include AI solutions for education, language testing initiatives, joint research, technical and commercial exchanges, AI-focused training programs, potential joint investments, participation in industry events, and initiatives supporting the Company's integration into the Saudi education and innovation ecosystem.

The MOU also contemplates the parties exploring cooperation in Arabic language testing initiatives and opportunities relating to a potential artificial intelligence academy in Saudi Arabia. Given Wadi Makkah's position as a technology and investment company wholly owned by Umm Al-Qura University, the Company believes the framework may provide a relevant platform for evaluating such initiatives within the Kingdom's university-linked education and innovation ecosystem, subject to further discussions, required approvals and definitive agreements.

Wadi Makkah is part of the Umm Al-Qura University ecosystem and is focused on supporting the knowledge economy through cooperation among educational and research institutions, entrepreneurs, technology companies and the business and investment community. The Company believes this relationship may support its evaluation of practical cooperation opportunities in AI-supported education, language readiness, assessment, training, research commercialization and localized educational services in Saudi Arabia.