Kuwait's Agility said it will invest 611 million Saudi riyals ($163m) to build a warehousing complex near Jeddah, after Saudi Arabia rolled out a new initiative aimed at attracting global industrial companies to the kingdom.
The logistics park project for storage and distribution is part of a land-concession agreement announced by Saudi Arabia’s State Properties General Administration (SPGA), Agility said in a statement on Thursday.
Construction on the Agility Logistics Park will start in the first quarter of 2023 and the opening is scheduled for the first quarter of 2025, the company said. The facility in Jeddah will serve international and local tenants in the retail, consumer goods, technology, automotive, energy and e-commerce sectors.
