Fitaihi Holding Group signed today a memorandum of understanding (MoU) with Dubai-based Ithmar Capital Partners to explore a potential equally-owned joint venture, the Saudi firm said in a statement to Tadawul.
The renewable MoU expires on Nov. 10, 2018, the statement said.
If both parties decide to go ahead with this partnership, the value of the JV will be determined after conducting the feasibility study and due diligence.
This cooperation is subject to obtaining regulatory approvals.
The agreement is not expected to have any financial impact on the company, and any further developments will be revealed as they occur, it added.
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