(MENAFN Press) King Abdullah Economic City signed an agreement with Petra Engineering Ind. Co., a leading manufacturer of air conditioning and refrigeration, in which KAEC will lease an additional land with an area of 45,552 square meters within phase 1B in KAEC Industrial Valley.
This comes as part of Petra's expansion plans within the Saudi market.
The new contract comes a year after the previous contract between both parties which entailed leasing a 25,204 square meters land at phase 1A in the Industrial Valley to built an air conditioning and refrigeration factory with an investment of SR 30 million, and is expected to start operation within three months to be the first Petra factory in the Kingdom.
The agreement was signed by Engineer Samir Hamed, General Manager of Petra Engineering Ind. Co., and Mr. Ahmed Linjawy, President of Industry and City Services in KAEC.
Following the signing of the contract, Eng. Samir stated : "We are delighted to strengthen our partnership with KAEC through this agreement, which embodies our trust to the excellent services provided by the city to investors through developed infrastructure and advanced facilities and incentives that will support the implementation of the plans we have set for the Saudi market, and will serve as a new phase in the growth of Petra, which began 25 years ago and still continues to achieve success in the region. "
For his part, Mr. Ahmed Linjawy welcomed the expansion steps of Petra Engineering Ind. Co. in the Industrial Valley, indicating that the company would not have signed the new agreement if it did not believe in the Industrial Valley. Mr. Linjawy also added: "We have achieved great success in attracting major companies and factories that are known locally, regionally and globally.
The Industrial Valley is a perfect choice for industry leaders to establish the manufacturing hub and expand their presence in markets they operate in and target new markets.
Petra Engineering Ind. Co., which was founded in 1987, is expected to provide more than 300 jobs in its plant at KAEC and will contribute in training and developing local cadres.
The factory specializes in producing various air-conditioning and refrigeration equipment that covers the growing market demand for such products.
The Industrial Valley contains various lands that are available for various industrial services, including plastic and construction industry.
KAEC supports investors who wish to invest in the region with its clear and business-encouraging regulations and processes, ease of issuing permits and licenses, and the possibility of providing qualified manpower through training centers for Saudi talents.
The availability of housing solutions within the vicinity of the Industrial Valley and the direct link with King Abdullah Economic City seaport makes the Industrial Valley a global logistical hub and an access point to reach about 250 million consumers in the Middle East and North Africa, not to mention the availability of Haramain Railway station in KAEC and the future land bridge".
KAEC, the largest private sector project in the region, extends on an area of 168 million square meters on the coast of the Red Sea, and it consist of six main
components: the seaport, the industrial valley, the education zone, the central business district, the residential area and the resorts.