Monday, July 23, 2012
Olayan Invests in KAEC Industrial Valley
Olayan Financing Company (OFC) has purchased four plots of land totaling 600,000 square meters in the Industrial Valley of King Abdullah Economic City (KAEC).
Founded in 2005 with a mandate to enable socio-economic development in Saudi Arabia, KAEC is located on the western coast of Saudi Arabia between Mecca and Madinah. The KAEC project seeks to diversify the Kingdom’s economy while creating jobs and bringing in companies and investors from across the region and the globe. Industrial Valley has infrastructure that includes electricity, water, roads, telecommunication networks, and residential and commercial centers.
Abdulrahman Al Binali, vice president of OFC and head of Olayan Real Estate Company (ORECO), said: "We are delighted to be present in the Industrial Valley at KAEC, which registered a strong mark that is able to compete with commerce, industry and international investment. Our involvement came naturally given the significant role that the economic city has to offer the national economy and the pride it will bring to the Kingdom in the region and the world within a few years. We have chosen KAEC due to the availability of high-standard facilities and services that we need to fulfill our operations.
"In addition to its distinctive seaport, KAEC enjoys an ideal location to serve the region and world markets as well as many facilities that will support our business, especially Al Haramain Railway Station and other world-class infrastructure," Al Binali added.
Industrial Valley covers more than one third of the KAEC’s total surface area and has been equipped to fit the needs of local and international industrial investors.
Fahd bin Abdulmohsen Al-Rasheed, managing director and CEO of KAEC, said: "There are numerous advantages for local and global major companies which creates a unique atmosphere for investments. These include clear and business-encouraging regulations and processes, ease of issuing permits and licenses and the possibility of providing qualified manpower through training centers for Saudi talent.
The availability of housing solutions within the vicinity of the Industrial Valley and the direct link with King Abdullah Economic City seaport makes the Industrial Valley a global logistical hub and an access point to reach about 250 million consumers in the Middle East and North Africa, not to mention the availability of Haramain Railway station in KAEC and the future land bridge."