JEDDAH -- Al-Futtaim, the Dubai-based diversified conglomerate, has signed an agreement with King Abdullah Economic City (KAEC) for the purchase of a 325,400 square meter plot of land in the Industrial Valley (IV) for the development of a logistics and distribution facility.
"Our decision to invest in the Industrial Valley component of the visionary KAEC development was made in consideration of the valuable strategic location it occupies on the Red Sea coastline and adjacent to King Abdullah Port on one of the world's busiest shipping routes," said Omar Al Futtaim, Vice Chairman of Al-Futtaim.
"From KAEC we will be able to execute our expansion plans and meet the ever-increasing demand for our highly diverse portfolio of products," he added.
The city's strategic location allows it to serve not only the markets located around the Red Sea, but the entire world. The companies already operating in the IV have been exporting their products through the adjacent King Abdullah Port since the port became operational in January 2014.
"This partnership is yet another indicator that KAEC is moving forward with its strategic goals and future vision," said Fahd Al-Rasheed, Managing Director and CEO of KAEC. "KAEC has been extremely successful in attracting the capital investment of local, regional and international companies that know that KAEC is the ideal place to invest in across the region, thanks to a superior quality of life and world-class public services. The city has become the destination of choice for investors seeking to expand into Saudi Arabia and the wider GCC and Red Sea regions."
Rayan Qutub, Chief Executive Officer of the Industrial Valley, highlighted the importance of the strategic partnership: "Al-Futtaim, a company that enjoys a solid reputation in regional and international markets, will add value to the logistics industry, one of the fastest growing clusters in the Industrial Valley," he said. "The IV has become the new manufacturing and logistics hub, on the Red Sea, thanks to its highly efficient, comprehensive logistics services supported by direct access to King Abdullah Port and the national rail and road network. We are currently serving an accelerated demand from leading Gulf based companies, leveraging our strategic with the capability to serve 250 million consumers in the Arab world, East & North Africa, and Al-Futtaim's investment reconfirms the trust that KAEC has gained among leading businesses", he concluded. Industrial Valley has so far attracted more than 110 leading national and international businesses, of which 20 are currently in operation and 32 are under construction.
© The Saudi Gazette 2016
