Al Kathiri unit inks MoU with Italian construction firm

Al Kathiri Holding Co.’s subsidiary, Alian Industry Co., has signed on Wednesday a non-binding memorandum of understanding with EMMEDUE (M 2), an Italian company specializing in modern construction technology, the Saudi-listed company said in a bourse statement.

Under the agreement, M 2 will transfer technology of production of concrete panels three-dimensional by buying the machinery and equipment for the process of manufacturing and transfer of expertise and the processing and training of employees on the mechanism of manufacturing and construction, the statement added.

The MoU has a term of six months from the date of signing.

There are no related parties involved in the deal.

The financial impact will be announced later, the statement also said.