Playing with the big boys8 May 2019 11:08
This MOU looks to me like an essential step in doing business in Kuwait, and we're teamed up with big hitters now
Quadrise is pleased to announce that the Company has entered into an Agency Agreement (the "Agreement") with Hawazin Regional Trading Company ("Hawazin") and a corresponding Memorandum of Understanding ("MoU") with Hawazin and Aleph Commodities Ltd ("Aleph").
Hawazin is an investor and provider of expert services to the oil and gas industry in Kuwait, owned by Ahmad Al-Otaibi and Faisal Al-Kharafi, and is a major shareholder of Petroleum Dynamics Oil & Gas (PetroDyn).
Ahmad Al-Otaibi, has significant experience in the oil and gas sector in the Middle East and is President and CEO of Petrodyn. Faisal Al-Kharafi is on the Executive Committee of M. A. Al-Kharafi & Sons (a multinational trading company with annual sales of over $5 billion) and Chairman of Al-Kharafi Construction KSCC.
The Kharafi Group has operations in 25 countries around the world, from Senegal to Botswana to Kazakhstan and the Maldives, and has more than 120,000 employees. The family business has always had strong connections with Egypt, from power stations along the Nile Delta to contracts at Marsa Alam International Airport. Run by Fawzi, Marzouk, and Faisal Al Kharafi, the company also has investments in a series of major Gulf blue-chips, including Zain
Some posters are saying so what, just another MOU, but this was a pre-requisite mentioned in the Kuwait services agreement with Aleph (RNS 26th Feb) as the first project milestone