Sadr Logistics Company’s board has approved building a 49 million ($39.72 million) logistics complex in the Industrial Gate City, Riyadh.
The Logistics Services Complex Project (Sadr Park) will be developed under the supervision of the Saudi Authority for Industrial Cities and Technology Zones (MODON), the company said in a statement to the Saudi stock exchange on Thursday.
Construction will start on 1 October 2023, with completion expected by 31 March 2025.
Trial operations will begin for three months from the second quarter of 2025.
The park will be financed by self-funding and borrowings, the statement said.
The project will be developed by a group of contractors and suppliers from inside and outside the Kingdom. Names of the contractors were not disclosed.
Sadr Park aims to create an integrated logistics services area to provide storage solutions to customers for refrigerated, frozen and dry storage in line with the company’s strategy for expansion.
(Writing by D Madhura; Editing by Anoop Menon)
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