KING Abdullah Economic City (KAEC), the largest privately funded new city development in the world, has signed a contract with Alshaya International Trading Co., a leading international retail franchise business, to lease 91,000 square meters of land located in the third phase of the Industrial Valley.
Alshaya offers consumers a wide portfolio of more than 40 retail brands including Starbucks, H&M, Mothercare, Debenhams, and Victoria’s Secret, with over 800 stores across the country. The new lease will support Alshaya’s ongoing expansion plans in KSA by providing the location for a new west coast logistics hub. The Industrial Valley enjoys a direct connection to the King Abdullah Port, which is strategically located on the Red Sea, one of the region’s most important maritime channels for international cargo transport. It is also supported with well-planned infrastructure, allowing Alshaya to expand its logistics expansion at pace.
Mohammed Alshaya, Executive Chairman of M.H. Alshaya Co., said: “The Kingdom of Saudi Arabia is one of Alshaya’s largest operating markets, and we expect to open over 150 new stores there next year, with ongoing expansion continuing into 2018 and beyond. Our growth depends on having an efficient supply chain to ensure we can provide our customers with new products in a timely way and we are confident that our investment in the King Abdullah Economic City will support our goals.”
“KAEC is delighted to welcome Alshaya to the growing community of leading businesses from the region that see the city as a premium destination for capital investment,” said Fahd Al-Rasheed, Group CEO and Managing Director of KAEC. “Our open door policy toward inward investment continues to attract world-class international companies, supporting the city’s growth and contributing to the government’s vision for the future of Saudi Arabia’s non-oil economy.”
“The decision by Alshaya to commence operations in the Industrial Valley further cements our reputation as the first choice for leading companies seeking to establish or expand their presence in Saudi Arabia and the wider GCC region,” said Rayan Qutub, CEO of the Industrial Valley at KAEC. “We look forward to demonstrating how our strategic location and our extensive trade and logistics infrastructure will support the company’s expanding operations and its continuing success.
The Industrial Valley has already attracted 120 major local, regional and international companies, of which 25 have already gone live with their operations and 35 are currently completing their facilities.
