In presence of HE Minister of Investment Eng. Khalid A. Al Faleh, and HE Chairman of Tasnee Eng. Mubarak A. Al Khafrah and the company executive management, Tasnee has signed a memorandum of understanding (MoU) with both Ministry of Investment (MISA) and BOEING company in the Ministry of Investment Headquarters in Riyadh, on Sunday February 26, 2023.
The MoU aims at exploring the potential investment and development collaboration opportunities between Tasnee and BOEING in order to advance the aviation grade titanium alloy value chain in the Kingdom for mid and downstream applications. MISA, in the same time, shall facilitate the parties engagement with relevant government stakeholders and provide support in solving challenges that the parties may face.
The MoU was signed by Mr. Asaad H. Aljomoai, Minister’s Senior Advisor, on behalf of MISA, Mr. Ahmed A. Jazzar, President of Boeing Saudi Arabia on behalf of BOEING, and Dr. Fadi M. Trabzuni, EVP Metallurgy, on behalf of Tasnee.
Its worthy to be mentioned that Tasnee is producing about 10% of the global production of Titanium Sponge with annual production of 15.5 KT of Titanium Sponge, which is used in aviation, nuclear submarines, missiles and satellite industries.