(MENAFN - Arab News) Emaar, The Economic City (EEC), has announced the signing of a contract with Tamer Group for the purchase of 500,000 square meters of freehold land in the Industrial Valley at King Abdullah Economic City (KAEC).
Fahd Al-Rasheed, managing director and CEO of KAEC, and Ayman Mamon Tamer, chairman and board member of Tamer Group, signed the deal in the presence of senior executives from KAEC and Tamer.
EEC, a Tadawul-listed firm, is developing the King Abdullah Economic City.
Tamer Group is a leading healthcare, prestige products and consumer goods company.
The signing of the agreement comes in line with KAEC's strategy to attract a large number of specialized industrial companies in the Industrial Valley.
Tamer's new complex will develop areas of manufacturing pharmaceuticals and food with plans for diversification and integration.
Al-Rasheed expressed his happiness with the agreement. He said: "For Tamer Group to choose Industrial Valley in KAEC signifies the strength of KAEC's investments and achievements. Furthermore, the Industrial Valley has been developed according to global standards for infrastructure, making it a destination of choice for both local and international companies."
Ayman Mamoun Tamer, chairman and board member of Tamer Group, said the setting up of the new complex would represent an important transformation for both the trade and industrial sectors.
"Building this pharmaceutical industry complex on 5,000 square meters of land at Industrial Valley is in line with our group's long term direction in manufacturing, logistics and distribution of medicines, foods, nutrition and beauty products," Tamer added.
"With this new complex, we will meet the ever growing demand of consumers and will be a key milestone in strengthening our presence and expansion in the Gulf, Middle East and North Africa as well," Tamer said.
Ahmad Ibrahim Linjawy, president of the Industrial City Services at KAEC, highlighted the importance of investments at Industrial Valley at KAEC.
He said: "The fact that Industrial Valley has successfully attracted many local and international companies assures the continued success of KAEC's thoroughly researched plans on demand and presence capabilities."
Linjawy said Industrial Valley had become an industrial hub because of its infrastructure, logistical facilities, integrated services, and modern telephone networks, making it a whole integrated industrial city.
There are a large number of reasons many major local and global companies and factories are attracted to invest in KAEC, he pointed out.
"The clarity of the labor laws, the ease of issuing permits and licenses, qualified manpower at a low cost through the training of Saudis and the availability of appropriate and affordable residential complexes all guarantee a wise investment," Linjawy explained.
Also, the link between the Industrial Valley and KAEC seaport reduces the time and effort in importing and exporting operations, as well as customs procedures, making it 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 Al-Haramain Train station in KAEC.
The first phase of the Industrial Valley, which is spread over 1,600,000 square meters with an infrastructure of integrated services, has been leased to major local and international companies such as Pfizer, Sanofi Aventis, Mars, Greif and Total. Phase II, with an area of more than 7,000,000 square meters, is currently in progress.
Tamer Group, headquartered in Jeddah, was established by Mohammed Saeed Tamer in 1922. It serves many of the world's leading companies through various agreements, partnerships, and joint ventures.
Tamer Group is a leading healthcare, prestige products, and consumer goods company.
The group's core activities are imports, distribution, promotion, marketing, and manufacturing.