JAZADCO signs MoU with King Faisal University to enhance cooperation, mutual investment

Jazan Energy and Development Co. (JAZADCO)

Jazan Energy and Development Co. (JAZADCO) inked a non-binding memorandum of understanding (MoU) with King Faisal University (KFU) to enhance areas of cooperation and mutual investment, according to a bourse filing.

JAZADCO Chairman, Ahmed Al-Sanea, and Mohammed Al-Ohali, the rector of King Faisal University, inked the MoU.

JAZADCO seeks to achieve cooperation and integration in the service of the community and meet the leadership aspirations, in line with Vision 2030. It also targets to develop the agricultural practices, build capacities and boost the efficiency of production in vital areas including aquaculture, agricultural, industrial and real estate sectors.

The three-year MoU will help strengthen the areas of cooperation and mutual investment, the research and development services, as well as development of modern studies and technology, in all agricultural and fisheries-related areas, project management, business development and training, in line with Saudi Vision 2030. In addition, it targets investments in Al-Ahsa Oasis for Innovation at King Faisal University, through building facilities related to the company's business portfolio.

The deal has no related parties, and included no relevant financial impact, the statement added.