| Element List |
Explanation |
| Introduction |
Middle East Specialized Cables Company (MESC) announces the sign-off of the final contract for its subsidiary in the United Arab Emirates, Middle East Specialized Cables Company (MESC - Ras Al Khaimah) LLC. with the joint venture company that comprising the National Petroleum Construction Company and Saipem S.P.A. in the United Arab Emirates, the contract was awarded to the company on 30/05/2024 AD to supply range of its products with a value that may reach USD 60,000,000, equivalent to SAR 225,000,000. The agreement contain multi of terms and conditions that regulate the supply process and supply quantities, the expected supply period for this agreement extends for eighteen months starting from the date of signing the contract. It is worth noting that this contract is not an exclusive contract for MESC, as the joint venture company has the right to appoint other suppliers for the same contract value. |
| Date of Announcement of the Award |
2024-05-30 Corresponding to 1445-11-22 |
| Contract Subject Matter |
Supply range of products of Middle East Specialized Cables Company (MESC-Ras Al Khaimah) |
| The Entity with Which the Contract was Signed |
NPCC- SAIPEM Joint venture Company |
| Date of Signing the Contract |
2024-06-19 Corresponding to 1445-12-13 |
| Contract Value |
The contract value may reach 60M USD, Equivalent to 225M SAR. It’s not currently possible to determine the exact value of the contract due to non-exclusive agreement. |
| Contract Details |
The contract is non-exclusively signed-off with the joint venture company that comprising the National Petroleum Construction Company and Saipem S.P.A. in the United Arab of Emirates to supply range of its products with a value that may reach 60 million dollars, equivalent to 225 million riyals. It is difficult to determine the value accurately because the contract is not an exclusive contract for the company. Revenue and net income will be recognized based on the supply schedules received from the joint venture company. |
| Contract Duration |
The expected contract duration is eighteen months, depending on the schedule of supplies received from the joint venture company. |
| Financial Impact and the Relevant Period |
The financial impact cannot be accurately measured as the contract is non-exclusive and the financial impact and any material developments in this regard will be announced later. |
| Related Parties |
N/A |
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