By Staff writer
Abdul Latif Jameel says $500m has been earmarked this year as part of five-year investment plan
Saudi firm Abdul Latif Jameel on Thursday announced plans to invest close to $2 billion in the Gulf kingdom over the next five years.
The company said in a statement that $500 million has been earmarked for 2016 as part of the new investments across a range of industries.
The announced investments are being funded internally by Abdul Latif Jameel and are expected to create thousands of new jobs in Saudi Arabia, across the automotive, real estate, logistics and financial services sectors, it added.
Abdul Latif Jameel is one of the region's leading automotive distributors and runs a consumer finance business in Saudi Arabia.
Mohammed Abdul Latif Jameel, chairman and CEO of Abdul Latif Jameel, said: "Saudi Arabia is an evolving economy and our new investments are based on what we see as continued opportunity and potential for future growth.
"The economy today is going through a remarkable transition, with a range of diversification initiatives being implemented by the government. This, along with a dynamic consumer market and a growing population, offer significant potential for local and international investors."
Abdul Latif Jameel Motors said it will be expanding its network into new cities, increasing the number of customer contact locations, and increasing its total service capacity for its Toyota related brands. New auto-logistics centres will also be developed, in addition to upgrading existing retail and service facilities.
Investments will also be made through Abdul Latif Jameel's real estate division, Abdul Latif Jameel Land, a residential property developer in Saudi Arabia that focuses on projects designed to meet the country's growing demand for contemporary housing, the statement said.
This investment plan also includes new initiatives in financial services, as well as exploring new opportunities in the manufacturing sector, it added.
Abdul Latif Jameel said it will also be investing in a new headquarters in Jeddah, with capacity for up to 2,500 employees.
In order to identify further growth drivers in the Saudi Arabian market, the company recently established Abdul Latif Jameel Investments, a new division to identify further opportunities, through direct investment, partnership, or inward investment.