Tabuk Agricultural Development Co. Announces the signing of a (non-binding) memorandum of understanding with Saudi Greenhouse & Agri Marketing Co. for cooperating to construct and manage high-tech greenhouse and marketing of agriculture products.
| Element List | Explanation |
|---|---|
| Introduction | Tabuk Agricultural Development Co. Announces the signing of a (non-binding) memorandum of understanding with Saudi Greenhouse & Agri Marketing Co. for cooperating to constructing high-tech greenhouses that suit the Kingdom’s climatic environment, managing greenhouses, developing the marketing system, conducting research on high-value varieties and cultivating them in the Kingdom, in addition to maximizing the benefit of products through manufacturing industries. |
| Memorandum Signing Date | 2024-04-18 Corresponding to 1445-10-09 |
| Counterparty | Saudi Greenhouse & Agri Marketing Co. |
| Memorandum Subject | Cooperating to construct and manage high-tech greenhouse and marketing of agriculture products |
| Memorandum Duration | This memorandum will be effective from the date of its signing for a period of one year and will not be renewed except by written agreement between the two parties. It will end at the end of its term or with the signing of a binding agreement between the two parties. |
| Related Parties | None |
| Financial Impact | None |
| Additional Information | Major Terms in the Memorandum:
- Study, design, and construct greenhouses that take into account the comparative advantage of the Tabuk region - Market research and study for different products - Work on developing a marketing plan for the products - Providing recommendations and consultations from both parties - Any other areas that the two parties deem to be added in the future. The conclusion of the final agreement is subject to the completion of the financial and legal due diligence process by both parties, and then the negotiation of the signing of a binding agreement. |
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