Shams signs non-binding MoU to set up marine tourism, maritime transport subsidiary

Logo of Tourism Enterprise Co. (Shams)

Tourism Enterprise Co. (Shams) signed today, March 7, a non-binding memorandum of understanding (MoU) with Marasi Marine Services Co., a Saudi company specialized in marine services, to establish a strategic partnership and jointly set up a subsidiary specialized in the field of marine tourism and maritime transport.

The renewable MoU is valid for three months from the signing date, the company said in a Tadawul filing.

The MoU stated the potential cooperation in setting up a strategic partnership and establishing a subsidiary company working in the field of marine tourism and maritime transport, besides investment in and operation of marine ports. This is in addition to providing all maritime operating essentials such as yachts as well as transport and pleasure boats that are available to Marasi Marine.

Shams also noted that the aim of this partnership is to double its share from the promising maritime tourism and entertainment markets in the Kingdom. This is in a bid to increase the size of assets owned and profits generated.

The step came in line with the board of directors’ desire to expand and develop investments in promising marine tourism projects, in support of its future plans to achieve target growth rates and diversify the company's investments.

The final financial impact of this memorandum cannot be determined at present. But the company will announce the developments in this regard later, the statement added.

In the event of proceeding with this partnership and establishing the subsidiary, it is necessary to obtain the approval of the official authorities and the board of directors, the firm indicated.