Maadaniyah inks MoU with Valco Group to set up project

National Metal Manufacturing and Casting Co. (Maadaniyah) inked a memorandum of understanding on Sunday with France-based Valco Group to set up a project for the production of valves for use in oil, gas and petrochemical fields.

The MoU is valid for a period of six months from the signing date, the company said in a statement to the Saudi bourse, Tadawul.

The statement didn’t mention a value for the project.

Maadaniyah, a manufacturer of pre-stressed concrete strands, axles and welding wires, added that the deal didn’t include any related parties.