Quotes: MENA   Enter Symbol: NewsLetter: Search: advanced

Saudi - ALJ invests SR1.2bn in KAEC Industrial Valley  Join our daily free Newsletter

MENAFN - Arab News - 18/12/2013
No. of Ratings : 0
Add to Mixx!



(MENAFN - Arab News) King Abdullah Economic City and Abdul Latif Jameel Group (ALJ) have signed a contract worth SR1.2 billion for the purchase of 1.5 million sqm land in KAEC Industrial Valley phase two. It is considered to be the largest investment to take place in KAEC in terms of land area and value.
The land will be used for the construction of an import, distribution, component manufacture and assembly center, which reflects the ALJ Group's trust in KAEC as a regional hub for industry and logistics services.
The signing ceremony was attended by Saad Ateyah Al-Ghamdi, VP of ALJ Group, and Fahd Al-Rasheed, MD & CEO of KAEC.
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 distributor 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 an 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 Al-Rasheed said: "We are 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 a significant impact on accelerating shipments at KAP."
He added: "The ALJ Group will benefit from the integrated infrastructure that the Industrial Valley is noted for. 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 Madinah within one hour."
KAEC 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 KAP, 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.
The ALJ Group is globally acknowledged for its single minded focus on delivering quality vehicles and service on a reliable basis to its customers in the Kingdom and for its outstanding achievements in entering and developing new markets in Europe, China and Japan.
Currently, the group is particularly interested in further developing its interests in other regions of the Middle East, North Africa and Turkey. To further this aim, the group is investing in KAEC and is planning to construct supporting factories for its operation.
The ALJ Group stated that it is totally committed to quality and providing services of the highest excellence to customers in various markets. In order to create job opportunities, ALJ is also renowned for its social responsibility with a particular emphasis on the creation of jobs for young Saudi men and women among other social initiatives.
Bab Rizq Jameel, ALJ's social initiative arm dedicated for job creation, has created more than 430,000 job opportunities in the Kingdom, MENA countries and Turkey, as well as implementing other social initiatives aimed at reducing unemployment and poverty, and also initiatives supporting the arts, high class affordable medical care for the needy and education.

 


Arab News




  MENA News Headlines
 Jul 28 2015 - Optibiotix completes study on cholesterol reducing capsuleProactiveInvestors - UK
(MENAFN - ProactiveInvestors)-- ADDS CHIEF EXECUTIVE COMMENT DETAIL AND SHARE PRICE Life sciences group Optibiotix (LON:OPTI) has completed a clinical study for its cholesterol reducing capsules with ...

 Jul 28 2015 - Most followed: GDP GKN Hikma Melrose Resources RSA Insurance supermarketsProactiveInvestors - UK
(MENAFN - ProactiveInvestors)Conspiracy theorists who reckon governments juice up the economy so an economic revival coincides with a General Election may have to have a rethink. Either that or the ...

 Jul 28 2015 - Mosman Oil raises £400000 for deposit on acquisitionProactiveInvestors - UK
(MENAFN - ProactiveInvestors)Mosman Oil and Gas (LON:MSMN) has raised £400000 from a placing to move forward the acquisition of a producing asset along and arrange for it to be ...

 Jul 28 2015 - Risers & Fallers including Edge Virgin Money Informa Dialight Royal Mail and more...ProactiveInvestors - UK
(MENAFN - ProactiveInvestors)Below are the main news-driven share price movements at 12.15pm. RISERS Edge Resources (LON:EDG) up 16.8%. The company raised C$500000 through a private placement with ...

 Jul 28 2015 - UAE Etisalat telecom's profit dives 40% in Q2AFP
(MENAFN - AFP) UAE telecom giant Etisalat said on Tuesday its net profit plunged 40 percent in the second quarter because of higher depreciation and the impact of its troubled Saudi unit ...

 Jul 28 2015 - UAE hikes petrol prices 24%, cuts diesel 29%AFP
(MENAFN - AFP) The United Arab Emirates will hike the retail price of petrol by 24 percent but prices will still be low by international standards, a government committee announced on Tuesday. From ...

 Jul 28 2015 - Saudi Sipchem suffers 55% net loss in Q2MENAFN
(MENAFN) Saudi International Petrochemical Co. (Sipchem), records 55 percent profit loss in the second quarter, Arab News reported. According to a report, the International Petrochemical net loss is ...

 Jul 28 2015 - Saudi- Low sales, high costs put Tasnee in lossKhaleej Times
(MENAFN - Khaleej Times) Saudi Arabia's National Industrialisation, or Tasnee, on Monday said it swung to a net loss for the second quarter, which the petrochemical producer blamed on lower product ...

 Jul 28 2015 - Flat growth in Abu Dhabi housing rentsKhaleej Times
(MENAFN - Khaleej Times) The housing market in Abu Dhabi saw flat growth in rents during the second quarter of the year, while remaining stable this quarter, according to real estate investment and ...

 Jul 28 2015 - UAE hikes petrol prices by over 22%Khaleej Times
(MENAFN - Khaleej Times) The UAE on Tuesday made foray into the new era of zero-subsidy regime for fuel prices in Gulf Cooperation Council by announcing new prices for August.A high-powered ...

more...


 






Google

Click to Apply

 
 

Middle East North Africa - Financial Network

MENAFN News Market Data Countries Tools Section  
 

Middle East North Africa - Financial Network
Arabic MENAFN

Main News
News By Industry
News By Country

Islamic Finance News
Private Equity News

How-To Guides
Technology Section

Travel Section

Search News

Market Indices
Quotes & Charts

Global Indices
Arab Indices

Commodoties

Oil & Energy

Currencies Cross Rates
Currencies Updates
Currency Converter

USA Stocks
Arab Stocks
 

Algeria 
Bahrain 
Egypt 
Iraq
Jordan 
Kuwait 
Lebanon
Morocco 
Oman 
Palestine
Qatar 
Saudi Arabia 
Syria
Tunisia 
UAE 
Yemen

Weather
Economic Calendar
Financial Glossary


Financial Calculators

RSS Feeds [XML]

Corporate Monitor

Events

Real Estate
Submit Your Property

Arab Research
Buy a Research

Press Releases
Submit your PR

Join Newsletters


 
© 2014 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help