Wafrah for Industry and Development Co. announces signing a Memorandum of Understanding with Al-Dhaman Company for Investment and Agricultural Industries

Wafrah for Industry and Development Co. announces signing a Memorandum of Understanding with Al-Dhaman Company for Investment and Agricultural Industries –Jordan

Element List	Explanation
Introduction	The Memorandum of Understanding between Wafrah for Industry and Development Company (based in the Kingdom of Saudi Arabia) and Al-Dhaman Company for Investment and Agricultural Industries (based in the Hashemite Kingdom of Jordan) aims to define the framework of cooperation between the two parties to establish a factory to produce frozen french fries in Jordan. The main tasks and activities of the project will be distributed between the two companies, and to achieve this goal, a specialized party will be assigned to prepare financial, technical, and market feasibility studies for the project. Considering the results of the studies and the feasibility of the project, the necessary chillers are constructed, operating and energy costs are determined within the framework of cost sharing, and a timetable for implementation is drawn up.

Element List

Explanation

Introduction

The Memorandum of Understanding between Wafrah for Industry and Development Company (based in the Kingdom of Saudi Arabia) and Al-Dhaman Company for Investment and Agricultural Industries (based in the Hashemite Kingdom of Jordan) aims to define the framework of cooperation between the two parties to establish a factory to produce frozen french fries in Jordan. The main tasks and activities of the project will be distributed between the two companies, and to achieve this goal, a specialized party will be assigned to prepare financial, technical, and market feasibility studies for the project. Considering the results of the studies and the feasibility of the project, the necessary chillers are constructed, operating and energy costs are determined within the framework of cost sharing, and a timetable for implementation is drawn up.

The project aims to benefit from the extensive technical experience of Wafrah Company in manufacturing french fries and the agricultural capabilities of Al-Dhaman Company for Investment and Agricultural Industries, which is a private company owned by the

Social Security Money Investment Fund and has an excellent financial position. If the project is completed, it will be the first factory of its kind in the Kingdom of Jordan, and the Jordanian market is considered one of the large markets consuming french fries, which also opens the way to important markets in the region.

The cooperation between the two companies also extends to Al-Dhaman Company supplying exclusive quantities of industrial potatoes to operate the Wafrah Company factory in Riyadh. Memorandum Signing Date 2024-08-28 Corresponding to 1446-02-24 Counterparty Al-Dhaman Company for Investment and Agricultural Industries – Jordan Memorandum Subject Determining the cooperation framework between the two parties to establish a french fries’ factory in Jordan. In addition, Al-Dhaman Company will be supplying industrial potatoes for the use of Wafrah company in its plant in Riyadh Memorandum Duration 6 months Related Parties None Financial Impact It is expected that the signing of the final agreement will support Wafrah’s activities in the field of potato manufacturing and marketing, an area in which Wafrah has gained leadership. Additional Information The Memorandum of Understanding is a general framework for the agreement between the two parties and is non-binding.

The latest developments and substantive updates regarding the memorandum will be announced in due course.

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