Kuwait-based logistics firm Agility has invested a total of $200m in property in Saudi Arabia, it was revealed following the opening of a state-of the-art warehouse in Riyadh earlier this week.
The 40,000 sqm air-conditioned will create around 350 job opportunities and is part of on-going investments in the warehousing and distribution network business in the Kingdom by the company, according to chairman and managing director Tarek Sultan.
The $200m had gone to buy two million sq. meters of real estate across the Kingdom, Sultan said in comments reported in Saudi daily Saudi Gazette.
“The level of our investments during the international financial crisis is evidence of the company’s strategy to be the integrated logistics service provider of choice across the Kingdom and throughout the Middle East,” he said.
The investment has been welcomed by the Saudi Arabian General Investment Authority (SAGIA) , which had predicted an increase in flow of foreign direct investments (FDIs) in 2009.
Amr Al Dabbagh, SAGIA Governor, recently stated that the Kingdom would prove itself to be the most lucrative destination for FDIs this year.
Agility already operates in 120 other countries across the world.
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