Move expected to create thousands of jobs
The Saudi conglomerate Abdul Latif Jameel has announced plans to invest $2 billion in the kingdom over the next five years, with $500 million earmarked for 2016.
The new investments are part of Abdul Latif Jameel’s long-term expansion plans in Saudi Arabia, according to the company, which handles the distribution of Toyota vehicles in the market through its automotive arm.
“Saudi Arabia is an evolving economy and our new investments are based on what we see as continued opportunity and potential for future growth,” said Mohammed Abdul Latif Jameel, chairman of the board and CEO of Abdul Latif Jameel.
“The economy today is going through a remarkable transition, with a range of diversification initiatives being implemented by the government. This, along with a dynamic consumer market and a growing population, offer significant potential for local and international investors.”
The announced investments are being funded internally by the firm, and are expected to create thousands of new jobs in the kingdom across the automotive, real estate, logistics and financial services sectors.
Abdul Latif Jameel Motors will be expanding its network into new cities and increasing its total service capacity for its Toyota-related brands. The company will develop new auto-logistics centres, in addition to upgrading existing retail and service facilities.
Investments will also be made through Abdul Latif Jameel’s real estate division, Abdul Latif Jameel Land, a residential property developer in Saudi Arabia.
Moreover, the company will invest in a new 40,000sqm energy efficient headquarters in Jeddah, with capacity for up to 2,500 employees. Abdul Latif Jameel will also complete the construction of the world’s largest Lexus retail facility in Riyadh soon, it said.