04:01 PM EDT, 10/15/2025 (MT Newswires) -- Open Text ( OTEX ) Wednesday said it signed a nonbinding memorandum of understanding with Core42, a Group 42 Holding unit, to advance artificial intelligence, cloud, and automation projects across the United Arab Emirates (UAE) public sector.

The deal, announced at the ongoing GITEX Global, aims to deliver digital solutions in line with the UAE's national tech goals. The signing was attended by Canada's Minister of AI and Digital Transformation, Evan Solomon, according to the statement.

The agreement also includes joint marketing and outreach initiatives such as workshops and events.

"By combining our secure, scalable AI and information management capabilities with Core42's regional expertise, we're enabling the UAE government to deliver smarter, more efficient services while upholding the highest standards of data sovereignty and governance," Open Text's ( OTEX ) Interim Chief Executive James McGourlay said.

The company's shares closed up $0.12 to $54.99 on the Toronto Stock Exchange.

Price: 55.01, Change: +0.14, Percent Change: +0.26