Tihama seals non-binding MoU with Tatweer Sports

Both parties aspire to develop their business in the field of sports activities and projects, while catering to customer needs. They seek render more services, including but not limited to sponsorships and activations, sports events organization, digital content production, sports photography and videography, marketing of sports assets and rights, sports media, sports intellectual property, and sports talents management, the statement said.

Furthermore, the two companies aim to turn this MoU into a long-term, mutually beneficial partnership agreement. The MoU is intended to ramp up joint business and agree on the terms under which the parties will cooperate. However, it is not deemed to form, create, or recognize any kind of alliance, joint venture, or legal entity, it added.

The parties will act as independent entities in the exeuction of this MoU. Nothing in this MoU should be construed as granting the parties the right to act or make commitments of any kind on behalf of the other party without the prior written consent of the other.

Tihama also noted that there are no related parties to the deal and there is no current financial impact. It will announce any potential financial impact and any material developments in due coure.