MoU8 Nov 2024, 07:53 pm
Azad Engineering Limited Signs MoU with Baker Hughes Saudi Arabia for Potential Manufacturing Facility in Saudi Arabia
AI Summary
Azad Engineering Limited has entered into a non-binding memorandum of understanding (MoU) with Baker Hughes Saudi Arabia. The MoU was exchanged in the presence of His Royal Highness Prince Abdulaziz bin Salman Al Saud, Minister of Energy, and other distinguished officials. The purpose of the MoU is to enable discussions regarding the potential for an arrangement between the two parties to set up a facility for manufacturing and supplying precision components, sub-assemblies, and assemblies in the kingdom of Saudi Arabia. The terms of the arrangement will be detailed in the definitive agreement(s) which may be executed between the parties.
Key Highlights
- Azad Engineering Limited has signed a non-binding MoU with Baker Hughes Saudi Arabia.
- The MoU was exchanged in the presence of His Royal Highness Prince Abdulaziz bin Salman Al Saud, Minister of Energy.
- The purpose of the MoU is to discuss the potential for an arrangement to set up a manufacturing facility in Saudi Arabia.
- The MoU is valid for a period of one year from the date of execution.
- The terms of the arrangement will be detailed in the definitive agreement(s) between the parties.