National Building inks MoU with UK-based company to set up military industry firm

Logo of National Building & Marketing Co.

National Building & Marketing Co. signed today, May 3, 2021, a memorandum of understanding (MoU) to establish a limited liability company working in the field of various military industries with a capital of SAR 100,000 in partnership with UK-based company working in the field of military industries.

The MoU has a term of three months from the signing date that could be extended, the company said in a bourse statement, indicating that it will announce later any developments related to this project, and determine the final financial impact upon completion of the establishment procedures.

National Building’s board chairman, Fahad Thanayyan Al-Thanayyan, as a representative of the company and one of its major shareholders, noted that there is a partnership with the UK company, where he owns 35% of its shares.

The chairman stressed that this step is part of the National Building’s strategy to invest in the military sector because of the strategic importance of the sector and its direct link to the Saudi Vision 2030.