King Abdullah Economic City (KAEC) says it has signed a contract with the International Trade Gateway (ITG) for the purchase of 9,000 sqm of land located in phase one of the Industrial Valley at KAEC.
KAEC says the land will be used to build a high voltage cable factory, the first of its kind in the city.
No details were given regarding the value of the land transaction, capacity of the factory or when construction is likely to begin.
The company also noted that one of the strategic advantages of the Industrial Valley is its direct link to King Abdullah Port which increases the efficiency of imports, exports and manufacturing.
“We are proud that KAEC, through the Industrial Valley and other components, is establishing itself as the go-to destination for national, regional, and global investors who will enable us to move forward towards achieving the government’s strategic vision for the city,” said Fahd Al-Rasheed, group CEO and managing director of KAEC.
Khalid Makki, president of ITG, said: “We will develop a new production facility that will expand our services and propel our strategic plans. We have determined that KAEC’s Industrial Valley is the ideal location from which to expand our business and reach a wider group of investors due to the strategic location, ease of procedures for new investments, and high quality infrastructure.”
King Abdullah Economic City covers an area of 181 square kilometers north of Jeddah and offers varied residential solutions that suit different levels of income. It is also home to King Abdullah Port, Al-Hijaz district and the Industrial Valley.