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Tabuk Agricultural Development Co. Announces the signing of a (non-binding) memorandum of understanding with TOPIAN Limited Company, (NEOM’s Food Company) for cooperating to plan, develop, construct and operate hydroponic greenhouse for the production of fruits and vegetables
| Element List | Explanation |
|---|---|
| Introduction | Tabuk Agricultural Development Co. Announces the signing of a (non-binding) memorandum of understanding with TOPIAN Limited Company, (NEOM’s Food Company) for cooperating to plan, develop, construct, and operate hydroponic greenhouse for the production of fruits and vegetables in Tabuk Agriculture Company Site in Tabuk. |
| Memorandum Signing Date | 2024-04-17 Corresponding to 1445-10-08 |
| Counterparty | TOPIAN Limited Company |
| Memorandum Subject | Cooperating to plan, develop, construct and operate hydroponic greenhouse for the production of fruits and vegetables |
| Memorandum Duration | This memorandum begins from the date of its signing for a period of one year and ends at the end of it or with the signing of a binding agreement |
| Related Parties | None |
| Financial Impact | None |
| Additional Information | Main obligation for Tabuk Agriculture Development Co.: - To source 100 hectares of agricultural land appropriate for constructing a mid-tech hydroponic vegetable facility in a suitable location in the TABUK with sufficient water and electricity for the purposes of the Project. - To assist in arranging the offtake to TOPIAN for KSA supermarket, retail and wholesale buyers for the Products - To provide warehousing, cold store, labour and other available appropriate equipment for the use of the Project - To provide support for the supervision of the construction of the Facility Main obligation for TOPIAN Limited Company.: - To be responsible for the design and installation of the greenhouse - To provide technical expertise in the establishment, running and operation of the Facility, - To negotiate and place contracts for all indoor growing, greenhouse, packing and grading supplies, - To define the production plan and manage customer relations - To assist in the recruitment, supervision and manage the workforce - To provide training to the local workforce - To secure the sale and distribution of all production from the facility The conclusion of the final agreement is subject to the completion of the financial and legal due diligence process by both parties, and then the negotiation of the signing of a binding agreement. |
The Capital Market Authority and Saudi Exchange take no responsibility for the contents of this disclosure, make no representations as to its accuracy or completeness, and expressly disclaim any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of this disclosure, and the issuer accepts full responsibility for the accuracy of the information contained in it and confirms, having made all reasonable enquiries, that to the best of their knowledge and belief, there are no other facts or information the omission of which would make the disclosure misleading, incomplete or inaccurate.
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