Saudi Dairy and Foodstuff Co (SADAFCO) will build a new 27 million-riyal ($7.2 million) depot in Makkah to replace an existing rented facility.
The company said the project will be financed with the company’s own resources and is expected to be completed by the first quarter of 2024.
The 8,009-square-metre facility will be built on a land leased from Saudi Industrial Property Authority (Modon) in Makkah Industrial City.
It will provide long-term infrastructure solutions to both distribution and logistics operations and result in future cost savings and growth opportunities, the company said in a statement to the Saudi Stock Exchange (Tadawul).
(Reporting by Imogen Lillywhite, editing by Cleofe Maceda)
Disclaimer: This article is provided for informational purposes only. The content does not provide tax, legal or investment advice or opinion regarding the suitability, value or profitability of any particular security, portfolio or investment strategy. Read our full disclaimer policy here.© ZAWYA 2022