Addendum Announcement by Riyadh Cables Group Company Regarding the Latest Developments Related to Its Announcement on the Signing of a Memorandum of Understanding with the Syrian Sovereign Fund

14 January 2026

Contract Value:

The contract is an Operations, Management, and Development Agreement under which Riyadh Cables Company will rehabilitate, operate, and develop the manufacturing plant of Syrian Modern Cables Company through the injection of capital investment amounting to approximately SAR 60 million over the term of the contract.

This agreement supports production and operational activities through an integrated development program that includes the financing of working capital, modernization of production lines, enhancement of production and design capacities, and the transfer of technical knowledge and expertise from the Kingdom of Saudi Arabia. It also contributes to technology localization and the development of Syrian competencies.

It has also been agreed that the annual profits or losses generated from the project shall be shared between Riyadh Cables Company and the Syrian Sovereign Fund, with a share of up to 40% allocated to the Syrian Sovereign Fund.

Contract Term:

18 years from the date of signing, renewable upon mutual agreement of the parties.

Financial Impact of the Change:

The financial impact is expected to be reflected in the annual financial statements for the fiscal year 2026.

This agreement will enable Riyadh Cables Company to utilize the facilities, assets, and machinery of Syrian Modern Cables Company to manufacture and sell cables in a manner that meets the requirements of the Syrian market. Revenues are expected to grow progressively in line with the operational phases and improvements in production efficiency, and subject to product mix, annual revenues may reach approximately SAR 750 million once the plant achieves its optimal operating capacity.