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.
“Agility’s Jeddah complex will accelerate Saudi economic growth and make it easier for international and local companies to expand in the kingdom,” said Michel Saab, chief executive of Agility Logistics Parks and Global Operations.
“Ultra-efficient warehousing and distribution are a huge competitive advantage. Companies operating from these parks shorten their time-to-market, reduce cost and risk, increase inventory turns and boost productivity.”
The move comes after Saudi Arabia introduced the Global Supply Chain Resilience Initiative (GSCRI) to attract industrial players and to shore up 40 billion riyals' worth of investments in the first two years of the launch.
Under the GSCRI, launched by Saudi Crown Prince Mohammed bin Salman, the kingdom will earmark 10bn riyals for financial and non-financial incentives for investors.
Under the terms of its agreement with SPGA, Agility has the right to operate the park for 25 years.
Agility currently operates several logistics parks in the kingdom, including the 870,000-square-metre Agility Logistics Parks in Riyadh and the 200,000-square-metre logistics park in Dammam.
“The SPGA is studying its real estate portfolio and working towards transforming its assets into lucrative investment opportunities by providing suitable property for sustainable, pioneering projects with private-sector partners,” SPGA governor Ihsan Bafakih said.
This week, Saudi Arabia opened its first Special Integrated Logistics Zone at King Khalid International Airport in Riyadh to boost its cargo capacity, bolster supply chains and become a global logistics hub.
US tech company Apple is among the first tenants at the three million-square-metre area that is designed to attract the world's top multinational companies from sectors including electronics, technology, pharmaceuticals and aerospace components.
Saudi Arabia is also undertaking feasibility studies for additional Special Integrated Logistics Zones in Jeddah and Dammam.
MATCH INFO
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Man of the Match: Erik Pieters (Stoke)
Company%C2%A0profile
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The cost of Covid testing around the world
Egypt
Dh514 for citizens; Dh865 for tourists
Information can be found through VFS Global.
Jordan
Dh212
Centres include the Speciality Hospital, which now offers drive-through testing.
Cambodia
Dh478
Travel tests are managed by the Ministry of Health and National Institute of Public Health.
Zanzibar
AED 295
Zanzibar Public Health Emergency Operations Centre, located within the Lumumba Secondary School compound.
Abu Dhabi
Dh85
Abu Dhabi’s Seha has test centres throughout the UAE.
UK
From Dh400
Heathrow Airport now offers drive through and clinic-based testing, starting from Dh400 and up to Dh500 for the PCR test.
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
- Discounts on sales price of off-plan units
- Flexible payment plans from developers
- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
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WWE Evolution results
- Trish Stratus and Lita beat Alicia Fox and Mickie James in a tag match
- Nia Jax won a battle royal, eliminating Ember Moon last to win
- Toni Storm beat Io Shirai to win the Mae Young Classic
- Natalya, Sasha Banks and Bayley beat The Riott Squad in a six-woman tag match
- Shayna Baszler won the NXT Women’s title by defeating Kairi Sane
- Becky Lynch retained the SmackDown Women’s Championship against Charlotte Flair in a Last Woman Standing match
- Ronda Rousey retained the Raw Women’s title by beating Nikki Bella
Results:
Men’s wheelchair 200m T34: 1. Walid Ktila (TUN) 27.14; 2. Mohammed Al Hammadi (UAE) 27.81; 3. Rheed McCracken (AUS) 27.81.
Tearful appearance
Chancellor Rachel Reeves set markets on edge as she appeared visibly distraught in parliament on Wednesday.
Legislative setbacks for the government have blown a new hole in the budgetary calculations at a time when the deficit is stubbornly large and the economy is struggling to grow.
She appeared with Keir Starmer on Thursday and the pair embraced, but he had failed to give her his backing as she cried a day earlier.
A spokesman said her upset demeanour was due to a personal matter.
GAC GS8 Specs
Engine: 2.0-litre 4cyl turbo
Power: 248hp at 5,200rpm
Torque: 400Nm at 1,750-4,000rpm
Transmission: 8-speed auto
Fuel consumption: 9.1L/100km
On sale: Now
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The biog
Name: Samar Frost
Born: Abu Dhabi
Hobbies: Singing, music and socialising with friends
Favourite singer: Adele
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THE SPECS
Engine: 3-litre V6
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The specs
AT4 Ultimate, as tested
Engine: 6.2-litre V8
Power: 420hp
Torque: 623Nm
Transmission: 10-speed automatic
Price: From Dh330,800 (Elevation: Dh236,400; AT4: Dh286,800; Denali: Dh345,800)
On sale: Now
Director: Laxman Utekar
Cast: Vicky Kaushal, Akshaye Khanna, Diana Penty, Vineet Kumar Singh, Rashmika Mandanna
Rating: 1/5
Killing of Qassem Suleimani
Global state-owned investor ranking by size
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United States
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2.
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China
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3.
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UAE
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Japan
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5
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Norway
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6.
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Canada
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Singapore
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Australia
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Saudi Arabia
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South Korea
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