Elm signs SAR 300 mln contract with Ministry of Environment

Logo of Elm Co.

Elm Co. signed today, Oct. 31, a contract with the Ministry of Environment Water and Agriculture to implement a project at a total value of SAR 299.9 million, including of 15% value-added tax (VAT).

In a statement to Tadawul, Elm said it will Implement, develop and operate an electronic tools to ensure the eligibility, eligibility drivers and necessary infrastructure to facilitate the implementation and control of disbursement mechanisms for the agricultural subsidies program (the second phase). The contract is valid for five years.

The deal is expected to have a positive impact on MIS’ financial statements as of the contract notification date. The contract is likely to be issued by the ministry in the fourth quarter of 2022, the company concluded.