Tabuk Agricultural Development Co. signed on Oct. 8 a non-binding memorandum of understanding (MoU) with the Arab Authority for Agricultural Investment and Development (AAAID), the company said in a bourse statement on Tuesday.
Under the preliminary deal, a new fish farming firm will be established, when the required feasibility studies are completed.
Tabuk and AAAID will also cooperate on joint poultry investments and management activities.
The MoU, which came into effect immediately, will remain valid unless it is terminated by any party.
The agricultural firm said no financial impact is expected from the deal, adding that it will disclose relevant updates later on.
Tabuk’s major shareholders and board directors do not own any stake in AAAID, which was set up as an independent multilateral financial institution on November 1, 1976.
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