Riyadh Cables inks MoU with Syrian Sovereign Fund

Riyadh Cables will manage, operate, and develop facilities of Syrian Modern Cable Co. in Syria

Riyadh Cables Group Co.’s subsidiary, Riyadh Cables Co., signed on Nov. 2 a non-binding memorandum of understanding (MoU) with the Syrian Sovereign Fund, according to a statement to Tadawul.

The MoU aims to establish a strategic partnership with the Syrian Sovereign Fund to manage, operate, and develop the facilities of Syrian Modern Cable Co. in Syria, localize technical expertise, and enhance local capabilities in the energy and electrical cables sector.

The MoU is effective from the date of signing and shall remain valid for six months, unless extended by mutual written agreement between the parties or replaced by an operating agreement.

The MoU is not expected to have any material financial impact on the current financial results of Riyadh Cables Group. Any significant developments arising from this MoU will be disclosed in due course.