The project, part of $85 billion King Abdullah Economic City, aims to attract local and foreign investments.
The Industrial Valley at Saudi Arabia's King Abdullah Economic City (KAEC) will build 200 factories in the next three years to attract industrial investment, according to a media report on Tuesday.
"The number of factories in the valley will reach 100 by end-2014. We expect to have an additional 200 factories in the next three years," said Khalid Al Hindi, Senior Director at Industrial Valley.
The valley, with an area of around 55 million square meters, has built 80 factories since it was launched a year ago, said the national Arabic daily Al Eqtisadiah.
He said investors in the 80 existing plants include car makers Volvo and Renault, France's Total oil company, Aramex, Ikea, dairy producer Almarai and other firms.
About 20-30 factories would start production in 2015.
Most investors have bought land for long-term investment in the valley, he added.
"It is being developed in stages and the first phase has been completed," said the official.
KAEC, announced in 2005 and spread over more than 170 square kilometers, is located along the Red Sea coast nearly 100 kilometers north of Jeddah.
The $85 billion mega project is intended to attract local and foreign capital to diversify the country's oil-reliant economy.
© Zawya Projects News 2014
