Saudi Industrial Export Co. (SIECO) signed, on Oct. 20, a SAR 14.42 million contract with the Saudi Export Development Authority (SEDA) to represent local companies in Iraq.
The company said in a bourse statement that the contract tenor is two years from the signing date, adding that the financial impact will be disclosed by the end of 2021.
Under the contract, SIECO will represent 100 Saudi companies in cooperation with SEDA, in addition to the firm’s current and future contracts through its presence in the Iraqi market to export national products in partnership with Saudi manufacturers.
The Saudi-listed firm also indicated that this contract is one of the most important pillars through which it seeks to strengthen its economic position in the Middle East, with the aim of increasing exports in accordance with the Kingdom's 2030 vision.
There are no related parties involved in the contract, the statement added.
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