Friday, 5 November 2021 – Robotic technology company FBR Limited (‘FBR’ or ‘the Company’) advises that the Memorandum of Understanding (‘MOU’) between FBR and the Kingdom of Saudi Arabia’s Ministry of Housing has been discontinued, with a view to replacing it with a more suitable formal agreement with revised targets in due course.
One of the original objectives of the MOU was to construct the walls of 50,000 homes using the Hadrian X® in Saudi Arabia by 2022, which now appears unfeasible in the timeframe, and the difficultiesthe parties have faced in converting the non-binding MOU to a binding contract caused in part by the uncertainty of COVID-19 restrictions has led to FBR and the Ministry of Housing mutually agreeing to discontinue the non-binding MOU effective immediately. The parties still intend to collaborate on FBR’s market entry to Saudi Arabia and remain in ongoing dialogue about a new MOU with revised objectives.
FBR remains committed to the Gulf Cooperation Council (GCC) region and the commercial opportunities for high volume Wall as a Service® supply in the GCC.
