Azad Engineering Limited has announced a strategic development by entering into a non-binding Memorandum of Understanding (MoU) with Baker Hughes Saudi Arabia, dated October 24, 2024. This MoU aims to facilitate discussions for a potential partnership that would enable Azad Engineering to establish a manufacturing facility in Saudi Arabia, dedicated to producing and supplying precision components, sub-assemblies, and assemblies to meet local demand.
The MoU was signed in Riyadh in the presence of His Royal Highness Prince Abdulaziz bin Salman Al Saud, Saudi Arabia’s Minister of Energy, along with esteemed officials and committee members from the local content forum. This potential collaboration is expected to support the growth of local manufacturing capabilities within Saudi Arabia, contributing to the kingdom’s goal of building a sustainable and self-reliant infrastructure.
Key Details of the MoU:
- Purpose: The MoU sets the foundation for discussions between Azad Engineering and Baker Hughes on establishing a facility for manufacturing precision components to serve the Saudi market.
- Terms and Scope: While this MoU is non-binding, it serves as a precursor to a definitive agreement, expected to be finalized upon mutual understanding of terms.
- Timeframe: The MoU will remain in effect for one year, during which both parties will evaluate the feasibility and operational aspects before potentially entering a formal agreement.
Azad Engineering’s collaboration with Baker Hughes aligns with its strategic ambition to expand internationally and enhance its manufacturing footprint within the Kingdom of Saudi Arabia.
