Page 14 - ELM- JANUARY & FEBRUARY 2023

Press Release

Elm Signs a Memorandum of Understanding with Taqeem

15 February 2023- Elm, a leading provider of digital solutions, signed a Memorandum of

Understanding (MoU) with Taqeem, the Saudi Authority for Accredited Valuers, at LEAP 2023,
which took place in Riyadh from February 6th to 9th. The purpose of this MoU is to utilize modern
electronic technologies, artificial intelligence, and sophisticated software to improve and develop
valuation outputs, enhance valuation services, and boost the efficiency of Taqeem employees.

The agreement was signed by Elm's CEO, Dr. Abdulrahman bin Saad Aljadhai, and Faisal bin
Bader Al-Mandeel, Taqeem's Secretary General.

Elm and Taqeem aim to establish a complementary relationship based on enhanced partnership
and coordinated cooperation to tap into digital transformation. Elm utilizes its premier national
expertise and comprehensive solutions and products to expand reliance on technological tools and
digital systems, and thus improve performance, productivity, and reliability across vital sectors.

"We are privileged to sign a MoU with Taqeem, to establish a road map for productive bilateral
cooperation in areas of mutual interest. This indicates our common eagerness to employ digital
solutions and adopt governance frameworks as crucial pillars to enhance process efficiency and
service quality. This cooperation is critical as it focuses on enhancing governance and transparency
in valuation and assessment across various industries. It also serves as a blueprint for inter-
organization collaboration to accelerate digital transformation across different sectors thereby
maintaining their competitiveness and promoting growth", said Majid bin Saad Al-Arifi, Elm's
Spokesperson and Executive Vice President of Marketing,

For his part, Mr Saad bin Sulaiman Al-Baiz, Taqeem's Director of Communication and
spokesperson, stated that signing this MoU is part of Taqeem's partnerships with various
government and private entities, aimed at improving the valuation profession and its practitioners.

This MoU will support the digital transformation of valuation processes and provide the technical
tools and solutions in the valuation sector in the Kingdom, thereby positively impacting valuation
outputs. These are some of the key roles that Taqeem seeks to fulfill in order to organize and
develop the valuation profession. Mr. Al-Baiz also emphasized Taqeem's eagerness to make
meaningful contributions to the advancement of the profession and its practitioners.