| Element List | Explanation |
|---|---|
| Introduction | Filling & Packing Materials MFG. Co. (FIPCO), represented by CEO, Mr. Abdullah Alharbi has signed Non-binding Memorandum Of Understanding on 23/12/1444H corresponding to 11/07/2023 with Saudi Top Plastic factory (fully owned by Saudi Top For Trading) represented by CEO, Mr. Wael Aljuaidi The MOU aims for Enhancing cooperation in the fields of products development, quality assurance, and providing sustainable solutions in addition that utilizing the shared experiences in the fields of mutual cooperation in a way that contributes to achieving the strategic goals of both sides aligning with the Saudi Vision 2030. |
| Memorandum Signing Date | 2023-07-11 Corresponding to 1444-12-23 |
| Counterparty | Saudi Top Plastic factory (fully owned by Saudi Top For trading) |
| Memorandum Subject | Strengthening the areas of cooperation and mutual investment in scientific research, specially how to utilize recycling of plastic products for both parties and developing new products with qualitative characteristics that can be fit for different purposes and are easy to be recycled.
Moreover, the MOU aims to share and exchange the technical knowledge, discussing programs in the fields of planning and institutional excellence and improving the departmental performance, as well as the Cooperating in facilitating cooperative training programs for the relevant staff from both companies in accordance with the provisions of the laws, regulations and capabilities available to both parties. |
| Memorandum Duration | Three years starting from signing date. |
| Related Parties | No related parties are involved in this MOU. |
| Financial Impact | This MOU doesn’t result in any financial or legal obligations for either party towards the other, but the resulting agreements will be formulated later in detailed legal agreements and contracts. |
