‎Shams signs non-binding MoU to set up marine tourism, maritime transport subsidiary

‎Shams signs non-binding MoU to set up marine tourism, maritime transport subsidiary

Tourism Enterprise Co. (Shams) signed today, March 7, a non-binding memorandum of understanding (MoU) with Marasi Marine Services Co., a Saudi company specialized in marine services, to establish a strategic partnership and jointly set up a subsidiary specialized in the field of marine tourism and maritime transport.

The renewable MoU is valid for three months from the signing date, the company said in a Tadawul filing.

The MoU stated the potential cooperation in setting up a strategic partnership and establishing a subsidiary company working in the field of marine tourism and maritime transport, besides investment in and operation of marine ports. This is in addition to providing all maritime operating essentials such as yachts as well as transport and pleasure boats that are available to Marasi Marine.

The understanding between Shams and Marasi Marine — the commercial agent for Bahrain-based South Tourism Co. — the marine operator will secure and run boats for the preparation of studies and equipment of picnic boats, floating restaurant boats and maritime transport boats within Saudi Arabia’s Eastern Region ports.

This is besides providing all the necessary boats for marine tourism and organizing sea-based events, after obtaining the necessary licenses from the relevant authorities. Further, an action plan will