Dubai's Al Futtaim to build logistics hub in KAECby Ashleigh McGinley on Feb 29, 2016
Al Futtaim Group will build a logistics and distribution centre in Saudi Arabia's King Abdullah Economic City (KAEC), the company revealed.
The Dubai conglomerate signed an agreement to buy a 325,000 sqm plot of land in KAEC's Industrial Valley as part of its expansion in the Kingdom.
Omar Al Futtaim, vice chairman of Al Futtaim, said: "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 oe of the world's busiest shipping routes."
Al Futtaim is one of 110 local and international firms setting up shop in KAEC - a city and commercial hub that is being built from scratch about an hour's drive north of Jeddah, Arabian Business reported.
As part of its expansion plans in Saudi Arabia, Al Futtaim announced in 2014 that it would build the Kingdom's largest mall - the $1.6bn Al Diriyah Festival City.
The 250,000 sqm site, located in Riyadh, is being built in conjunction with Kayannat Real Estate.