Riyadh Cables Group Company said its subsidiary, Riyadh Cables Company, has signed a non-binding memorandum of understanding (MoU) with the Syrian Sovereign Fund to develop the cable industry in Syria. 

The MoU seeks to establish a partnership with the sovereign fund to manage, operate, and develop the facilities of Syrian Modern Cable Company, localise technical expertise, and enhance local capabilities in the energy and electrical cables sector, the company said in a statement to the Saudi stock exchange.

No development plans were disclosed.

Any major developments arising from the MoU will be disclosed in due course, the statement added.

Syrian Modern Cables was established in 1996 in Damascus and has a production capacity of 10,000 tonnes per year, according to the company’s website.

(Editing by Anoop Menon) (anoop.menon@lseg.com)

Subscribe to our Projects' PULSE newsletter that brings you trustworthy news, updates and insights on project activities, developments, and partnerships across sectors in the Middle East and Africa.