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Abdulmohsen Alhokair Group for Tourism and Development announces signing a Memorandum of Understanding with NEWREST Company
| Element List | Explanation |
|---|---|
| Introduction | Abdul Mohsen Al Hokair Group for Tourism and Development announces the signing of a Memorandum of understanding with Newrest Group to establish a company in the Kingdom of Saudi Arabia in the specialized fields of airline catering, catering services, remote site & facility management services and facility management services. |
| Memorandum Signing Date | 2023-12-19 Corresponding to 1445-06-06 |
| Counterparty | NEWREST Company |
| Memorandum Subject | To operate the Inflight Catering, Airport Lounges, and Catering for Airport retail F&B Operations |
| Memorandum Duration | This memorandum of understanding remains in effect until (December 1, 2024) |
| Related Parties | NA |
| Financial Impact | There is no financial impact currently, and any fundamental developments will be announced in due course. |
| Additional Information | Newrest was established more than 20 years ago, is 96,5% management owned, present in 54 countries around the world, with more than 40´000 employees, and annual revenues exceeding 2.4 billion euros. It specializes in airline catering, catering services, train catering & services, lounges for airports and trains, airport retail, remote site catering and services, and general catering services. This partnership came to build the group’s efforts in achieving its goals in accordance with the strategy prepared by the Board of Directors, which would enhance and develop the group’s business in a promising field of business in the Kingdom of Saudi Arabia. |
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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