| Element List | Explanation |
|---|---|
| Introduction | Filling & Packing Materials MFG. Co. (FIPCO) announces that its subsidiary (FPC Industries Co.) has signed “Non-binding” Memorandum Of Understanding on 30/12/1444H corresponding to 18/07/2023 with a strategic partner from Slovenija (DBS Engineering, Trade and Services LTD) to execute local and global mutual projects, based on the fruitful efforts of the research and development teams of both companies, through their success in creating and developing products that have aesthetic and impressive characteristics and contribute to create unique icon projects worldwide. |
| Memorandum Signing Date | 2023-07-18 Corresponding to 1444-12-30 |
| Counterparty | (DBS Engineering, Trade and Services L T D) |
| Memorandum Subject | Strengthening the areas of cooperation and mutual investment in scientific research and how to take advantage of the integration between both companies in terms of knowledge, technical expertise, and relevant project portfolios worldwide.
This MOU aims to outline the leadership of air dome technology through specialized certified fabrics applying the highest safety standards and fire retardant and have physical properties that serve the purposes for which they were created.
As “FPC” is one of the largest manufacturers of technical textiles worldwide, and always invests in its research and development, by which FPC has success in designing Specialized air dome membranes that exceed industrial safety requirements, in addition that these fabrics have successfully passed all relevant quality tests to be certified.
While the strategic partner “DBS” is well prepared, qualified and has the necessary experience, knowledge, and technical skills to execute high quality, specialized and multi-functional with a long-life, buildings and air domes.
Accordingly, our commitment was to revolutionizing sports infrastructure and exhibitions and event tents as we are at the forefront of developing cutting-edge air dome solutions that not only prioritize energy efficiency and durability but also meet the highest safety standards and fire retardant.
In line with Saudi Vision 2030, for the purpose of hosting important and major global events on the sports, artistic and cultural levels, and to play a key role in developing the demand for local content, this MOU was concluded with the aim of implementing air dome projects through producing these superior fabrics by FPC, while DBS will ensure that air dome installations meet and exceed international safety standards. |
| Memorandum Duration | This MOU shall be effective for 1 year starting from the signing Date and shall be automatically prolonged for successive periods of one (1) year.
It also includes the desire of both parties to conclude a contractual relationship extending for a period of 10 years. |
| 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. |
