Dubai-based Al-Futtaim Group has signed a deal to build a logistics and distribution facility at Emaar Properties’ King Abdullah Economic City (KAEC) on Saudi Arabia’s Red Sea coast, as part of its ambitious plans to expand in Saudi Arabia and across the Middle East.
To set up this logistics and distribution facility, Al-Futtaim Group is acquiring a 3.5 million sqft plot of land – in the Industrial Valley light industrial and manufacturing zone next to the King Abdullah Port opened in 2014 – that’s part of the 1,722 million sqft mega-project being developed by Emaar Saudi Arabia.
“Our decision to invest in the Industrial Valley component of the visionary KAEC development was made in consideration of the valuable strategic location it occupies on the Red Sea coastline and adjacent to King Abdullah Port on one of the world’s busiest shipping routes,” says Al-Futtaim Group vice chairman Omar Al Futtaim. “From KAEC we will be able to execute our expansion plans and meet the ever-increasing demand for our highly diverse portfolio of products.”
KAEC, which is being developed by the Tadawul-listed unit of Emaar Properties, is a $100 billion city being built to help diversify the Saudi Arabian economy away from its reliance on oil. When completed, it will include 63 square kilometres of industrial land, a 13.8 square kilometre port, thousands of residential apartments and villas, a tourist resort, an education zone and a central business district. According to KAEC officials, the city has so far attracted over 110 national and international businesses, of which 20 are in operation and 30 are under construction.
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