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- QSE index closes lower
- Hamad Port handles 133,112 TEUs container volumes, RORO sees 48% increase in June
- Bahrain All Share Index marks 1,946.83 points
- Youth-led businesses in Saudi Arabia account for over a third of all commercial registrations
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- Bahrain, US firms sign $17bn in deals to deepen economic ties, news agency BNA says
- Closing Bell: Saudi main index closes in red at 11,038
26/02/2024 06:47 AST
Group Five Pipe Saudi Co. has announced the signing of a significant contract with the leading oil company, Saudi Aramco. The agreement, formalized on 30 May 2024 (22 Shawwal 1445 in the Islamic calendar), marks a major step forward for both entities.
The contract, valued at approximately SAR 1.3 billion inclusive of value-added tax, pertains to the manufacture and supply of spiral-welded steel pipes. These high-quality pipes will be tailored for a specific project under the ownership of Saudi Aramco.
The agreement extends over a 12-month period and is expected to have a notable financial impact starting from the third quarter of the fiscal year 2025. Importantly, no related parties are involved in this contract.
This collaboration reflects the strong partnership between Group Five Pipe Saudi Co. and Saudi Aramco, and underscores their joint commitment to delivering top-tier industrial solutions.
Tadawul
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