Abdul Latif Jameel Group Invests SR 1.2 Billion in Import, Distribution and Assembly Complex in the Industrial Valley
King Abdullah Economic City and Abdul Latif Jameel Group (ALJ) have signed a contract for the purchase of 1.5 million sqm land in KAEC-Industrial Valley. ALJ will invest SR 1.2 billion to build complex for the import, distribution, component manufacture and assembly of cars:, which reflects the ALJ Group’s trust in KAEC as a strategic regional hub for industry and logistics services. It is considered to be the largest investment in terms of land area and value in KAEC IV.
The signing ceremony was attended by Dr. Saad Ateyah Al-Ghamdi, VP of ALJ Group, and Mr. Fahd Al Rasheed, Managing Director and CEO of KAEC.
Commenting on the signing, Dr. Al-Ghamdi said: “The Kingdom is witnessing continuous economic prosperity and the automotive industry is one of the key indicators for growth. Being the oldest automotive distributer in the region adds a responsibility to develop and expand our operations to ensure business continuity and maintain the excellent quality and services standards for which ALJ is renowned. Our reason for choosing KAEC as import and distribution center for ALJ is because King Abdullah Port (KAP) will be one of the biggest regional ports with world class operational efficiency.”
Welcoming ALJ’s presence in KAEC Mr. Fahd Al Rasheed said: “We delighted that the ALJ Group is joining the large number of local and global companies that have chosen to invest in KAEC as the regional hub for their manufacturing and distribution operations. The importance of this strategic agreement lies in ALJ Group being one of the largest automotive companies in the Kingdom and the Middle East, which will have significant impact on accelerating shipments at KAP.”
“The ALJ Group will benefit from the integrated infrastructure that the Industrial Valley is noted for” added Mr. Al-Rasheed. “This includes KAP, which started partial operations a few months ago, and the multiple other transportation facilities that are currently available or will become operational in the near future. In addition, KAEC will host one of the Haramain Railway stations that connect with Jeddah and King Abdulaziz International Airport in less than 30 minutes and Makkah and Al Madinah within one hour.”
King Abdullah Economic City is one of the largest and most important private sector initiatives in the Middle East, encompassing a total area of 168 million sqm along the coast of the Red Sea. The city consists of the Industrial Valley, King Abdullah Port, the Leisure and Commercial districts, the Haramain district, the Residential Coastal districts and the Resorts. Through its Industrial Valley, KAEC has succeeded in attracting more than 60 national and international industrial companies. Strategically located and with King Abdullah Port, KAEC offers a wide range of housing solutions that are suitably priced for different income levels. KAEC residential districts are supported by a high quality infrastructure and a complete range of services and facilities such as The World Academy School, which is already open with a future total capacity of 2,250 students, and a medical center for primary care and emergency operated by Dr. Soliman Fakeeh Hospital Company. In addition, retail stores have been fully leased and restaurants, cafes, sales outlets and pharmacies are already open.