The agreement was signed on the sidelines of the Future Minerals Forum, held in Riyadh, and is aimed at supporting Hadeed's iron ore delivery requirements.
The focus is on iron ore logistics and ship development
According to the letter of intent, the two companies will evaluate possible joint opportunities in maritime logistics. This includes an assessment of the potential development and construction of new vessels, taking into account the operational and technical requirements of Hadeed in the Kingdom.
Hadeed stated that this initiative is in line with Saudi Arabia's broader goals of strengthening industrial and operational integration and localization of value chains.
