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
 Apr 28 2017 - Jordan pumps USD500mn EurobondsMENAFN
(MENAFN) The Ministry of Finance proclaimed that it had issued USD500mn worth of Eurobonds on global markets with w yield rate of 5.875 percent.Last year, the underwriting apps for the bonds reached ...

 Apr 28 2017 - Saudi Arabia to increase FDI to 5.7pct of GDPMENAFN
(MENAFN) Saudi Arabia aims to enhance the foreign direct investment from 3.8 percent of its recent GDP to almost 5.7 percent this year in order to diversify its economy.In addition, the effort is ...

 Apr 28 2017 - Dubai World Ltd records 5.7pct increase in Q1MENAFN
(MENAFN) DP World Limited handled 16.4mn twenty-foot equivalent units through its global portfolio of container terminals in the first quarter of this year, with gross container volumes growing by ...

 Apr 27 2017 - Qatar- Deputy PM meets UK officialGulf Times
(MENAFN - Gulf Times) HE the Deputy Prime Minister and Minister of State for Cabinet Affairs Ahmed bin Abdullah bin Zaid al-Mahmoud yesterday met Nicholas Kay, UK Special Envoy for the Horn of Africa ...

 Apr 27 2017 - PM meets CEO of Royal Dutch ShellGulf Times
(MENAFN - Gulf Times) HE the Prime Minister and Minister of Interior Sheikh Abdullah bin Nasser bin Khalifa al-Thani met the CEO of Royal Dutch Shell Ben van Beurden and his accompanying delegation ...

 Apr 27 2017 - Katara wins Arab Tourism Media Oscar awardGulf Times
(MENAFN - Gulf Times) Katara the Cultural Village Foundation won an Arab Tourism Media Oscar award while representing Qatar at the ninth Arab Tourism Media Summit 2017 in Dubai, the UAE. During ...

 Apr 27 2017 - WCM-Qatar faculty share top US awardGulf Times
(MENAFN - Gulf Times) A chapter penned by the writing faculty of Weill Cornell Medicine-Qatar (WCM-Q) has appeared in a book that won the 2017 Outstanding Book Award from the US-based National ...

 Apr 27 2017 - Hot daytime conditions with slight dustGulf Times
(MENAFN - Gulf Times) Strong winds and high seas towards the north are again expected in offshore areas today, the Qatar Met department has said. The detailed forecast says northwesterly winds will ...

 Apr 27 2017 - Qatar- Emir gets message from BashirGulf Times
(MENAFN - Gulf Times) HH the Emir Sheikh Tamim bin Hamad al-Thani yesterday received a written message from Sudanese President Omar Hassan al-Bashir, pertaining to bilateral relations and ways to ...

 Apr 27 2017 - Father Emir meets King SalmanGulf Times
(MENAFN - Gulf Times) HH the Father Emir Sheikh Hamad bin Khalifa al-Thani met with the Custodian of the Two Holy Mosques King Salman bin Abdulaziz al-Saud of Saudi Arabia at the Erga Palace in ...

more...


 





Google

 
 

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

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