TWI has signed a Memorandum of Understanding (MoU) as part of a wider collaboration between Saudi Arabian Oil Company, commonly known as Aramco, and British business. The MoU was one of several agreements forged at the UK-Saudi CEO Forum held in London on 8 March to promote bi-lateral business and cooperation between the two countries.
The MoU between TWI and Aramco sets plans in motion to establish a multi-stakeholder Non-Metallic Innovation Centre (NIC) under the umbrella of the National Structural Integrity Research Centre (NSIRC), which is a partnership between TWI and leading academic institutions, research centres and businesses.
The UK-Saudi CEO Forum coincided with HRH Crown Prince Mohammed bin Salman’s visit to the UK, with Saudi Arabia keen to promote that they are open to a wide range of future business opportunities, with at least $2.1 billion of investment earmarked for projects ranging from healthcare to real estate.
An MoU is an agreement between two or more parties outlining terms and details of an understanding, including the requirements and responsibilities of each party. It is generally the first stage in the formulation of a more formal contract. Aside from the agreement with TWI, Aramco also signed MoUs with Royal Dutch Shell, Imperial College London and The Royal Institute of International Affairs (Chatham House).
TWI chief executive, Christoph Wiesner said, ‘The Memorandum of Understanding is an important first step to build a strategic collaborative relationship between TWI and Aramco. It demonstrates our continued determination to seek deeper relationships and new ventures with key Industrial Members to exploit TWI’s technology advances for industry.’
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