Amiantit signs MoU with Libya Development & Reconstruction Fund

Saudi Arabian Amiantit Co. headquarter

Saudi Arabian Amiantit Co. signed, on Jan. 4, a memorandum of understanding (MoU) with Libya Development & Reconstruction Fund to cooperate in the transfer of water technology, sewage treatment, rainwater, and torrential drainage. This also includes cooperation to set up factories specialized in various water and pipes technologies.

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In a statement to Tadawul, the company said that the one-year MoU includes localizing specialized industries within Libya to raise efficiency, create job opportunities, and train the Libyan workforce.

The agreement also covers transferring manufacturing techniques for multiple products of Amiantit companies, such as the manufacturing of fiberglass pipes of different types (GRP and GRE), polyethylene pipes (HDPE), valves, and other products.

Meanwhile, the two entities agreed to cooperate in establishing joint factories to meet the needs of national projects for the development of target projects in Libya. This is along with the construction, operation, and maintenance of plants for saline water purification, desalination, drinking water treatment, wastewater treatment, and related technologies.

In addition, they will work on sharing details and technical data of the raw materials necessary to manufacture pipes within Libya.

There is no financial impact resulting from the signing of the MoU, the statement said, adding that no related parties to the MoU.

Libya Development & Reconstruction Fund is a sovereign entity advancing Libya's infrastructure. It focuses on integrating technologies in water management, sanitation, stormwater, and flood control systems. The fund also aims to establish integrated and modern networks as per international specifications.