Logo of Filling and Packing Materials Manufacturing Company (FIPCO)
Filling and Packing Materials Manufacturing Company (FIPCO)'s subsidiary FPC Industries Co. signed, on July 18, a non-binding memorandum of understanding (MoU) with its Slovenia-based DBS Engineering Ltd. for local and global joint ventures (JVs).
The MoU aims to focus on the air dome technology through certified safety standards and fire-retardant fabrics with certain physical properties, FIPCO said in a Tadawul statement.
The deal came following the joint efforts of the research and development teams of both companies and their success in developing products with advanced characteristics that contribute to the implementation of unique projects worldwide.
The MoU is valid for one year, starting from the date of signing, and can be extended for a similar period. It states that both parties target a 10-year contractual relationship.
It was concluded in line with Vision 2030, as the Kingdom aspires to host major global events on the sports, artistic and cultural levels, and play a key role in developing the demand for local content.
There are no related parties to the deal. The MoU does not result in any financial or legal obligations for either party.
FEPCO is one of the largest manufacturers of technical fabrics around the world. Its R&D efforts have resulted in a successful design of specialized air dome membranes that meet and even exceed industrial safety requirements.
DBS Engineering is a well-qualified strategic partner, with firm experience, knowledge, approach, and skills, capable of implementing unique, high-quality, long-life projects. It has previously implemented air domes in different regions worldwide.
Within this framework, the companies aim to revolutionize sports infrastructure and the exhibition and event organization industry through expanding wind dome technology which not only prioritizes energy efficiency and durability, but also meets the highest standards of safety and fire resistance.
The memorandum aims to enhance ways of cooperation and mutual and joint investment in research projects, and to benefit from the integration of knowledge sources, technical expertise and previous works of both companies.
The MoU was concluded with the aim of implementing wind dome projects by manufacturing these fabrics locally and implementing projects through a strategic partner, in line with the Kingdom’s aspirations to achieve the goals of Vision 2030 of expanded infrastructure and hosting sports, artistic and cultural major global events. The deal enhances the company’s role in developing the demand for local content.
There are no related parties to this transaction, the statement added, noting that the MoU does not result in any financial or legal obligations for either party towards the other. The resulting agreements will be timely formulated in detailed agreements and contracts.
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