Al Kathiri subsidiary inks MoU to develop 10,000 housing units in Rwanda

Al Kathiri says subsidiary Alian Industries Co. signed the MoU

Al Kathiri Holding Co.’s subsidiary, Alian Industries Co., signed a non-binding memorandum of understanding (MoU) with Rwanda Housing Authority on Sept. 17 to develop 10,000 affordable housing units.

For more news on listed companies

In a statement to Tadawul, the company said the MoU is valid for five years from the signing date. It can be renewed, amended, or terminated by mutual written agreement.

Under the agreement, Alian shall prepare a comprehensive project implementation proposal (technical, financial, and execution aspects) and submit it to the competent authorities in Rwanda for approval.

The financial impact cannot be determined at this stage and will be disclosed later upon completion of the studies, approval by the competent authorities, and commencement of the actual implementation, the statement added.

The MoU also includes provisions for protecting Alian’s intellectual property rights and confidentiality obligations lasting five years.

Meanwhile, the statement noted that this MoU comes within Al Kathiri’s strategy to expand into international markets and transfer modern construction technologies to global markets, in line with Saudi Vision 2030 objectives of supporting national exports.

No related parties are included, the company also said.