The UAE conglomerate Al-Futtaim has signed an agreement with Saudi Arabia’s King Abdullah Economic City (KAEC) to buy a 325,400sqm plot in Industrial Valley (IV).
The plot will be used to develop a logistics and distribution facility, according to a company statement.
The decision to invest in the Industrial Valley at KAEC was made in consideration of its position on the Red Sea coastline next to the King Abdullah Port, on what is 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 said.
Companies already operating in the IV have been exporting products through the King Abdullah Port since it became operational in January 2014.
Work is in progress to develop further industrial plots at the development to meet demand for leased and freehold industrial lands.
“King Abdullah Economic City has been extremely successful in attracting the capital investment of more than 110 leading national and international companies,” said Fahd Al-Rasheed, Group CEO and Managing Director of KAEC. “The city has become the destination of choice for investors seeking to expand into Saudi Arabia and the wider GCC and Red Sea regions.”
