mCloud Technologies Corp. announced the signing of a Memorandum of Understanding ("MOU") with URBSOFT, a strategic provider of advanced ground and aerial inspection technology solutions supporting the Saudi Vision 2030 initiative in the Kingdom of Saudi Arabia and its transformative industrial and urban programs. The MOU partners mCloud with URBSOFT to jointly take the full portfolio of AssetCare solutions to market in Saudi Arabia. Together, mCloud and URBSOFT will combine and deliver industrial visual inspection solutions using the Company's 3D capabilities and URBSOFT's advanced GIS and GPS technologies to major oil and gas, petrochemical, and process industry sites. Both companies will also drive the adoption of AssetCare smart building solutions in tandem with URBSOFT's urban technology portfolio across numerous prominent Saudi building initiatives and the Kingdom's retail sector. mCloud expects this partnership to fuel major growth for its regional business in the Middle East, with URBSOFT well-positioned to lead regional sales, broker strategic relationships, and implement AssetCare across the Kingdom. URBSOFT is principal advisor to the Saudi Government for Saudi Vision 2030, a national economic action plan including major multi-billion dollar investments in the adoption of new technologies for industrial development, logistics, and smart city transformation. In this role, URBSOFT and its leadership maintain pivotal ties to the largest oil and gas, petrochemical, and building developers and operators in Saudi Arabia. Through URBSOFT and Saudi Vision 2030, the Kingdom is positioned to lead the adoption of ESG and digitalization solutions in these sectors.