(MENAFN - Arab News) King Abdullah Economic City (KAEC) has signed an agreement with Olayan Financing Company, a leading company in the field of project development in the Middle East, for the latter to purchase four plots of land totaling 600,000 sqm in Phase 2 of the Industrial Valley.
The investment deal was the results of the city's continued economic efforts to attract major local and global companies and factories, and Olayan foreseeing the promising opportunities provided by the KAEC, coupled with the company's objective to enhance its industrial leadership in the local market by partnering with distinctive brand names including Coca-Cola, Colgate Palmolive, Kraft, Toshiba, Kimberley Clarks, Excel logistics, and Baxter.
Abdulrahman Al-Binali, VP, Olayan Financing Company, said: "We are delighted to be present in the Industrial Valley at KAEC, which registered a strong mark that is able to compete with commerce, industry and international investment.
There is no doubt that our involvement came naturally by being fully aware of the significant role that the economic city has to offer to the national economy, and the pride it would bring to the Kingdom in the region and the world within a few years. We have chosen to exist in KAEC due to the availability of high standards facilities and services that we need to fulfill our operations.
"In addition to its distinctive seaport, KAEC enjoys an ideal location that centers the region's and the world's markets, as well as many facilities," Al Binali added on.
Fahd bin Abdulmohsen Al-Rasheed, MD & CEO, KAEC, expressed his pleasure at Olayan joining the list of major companies investing in KAEC since it is one of the Saudi Arabia's biggest Groups with a long history of highly successful partnerships with world renowned companies and brands.
Ahmed Linjawy, president, industrial and city services division, KAEC, said: "KAEC was successful in leasing Phase 1 of the Industrial Valley and launching Phase 2."