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Fri 2 Sep 2016 10:06 AM

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Saudi's KAEC sells land for high voltage cable factory

King Abdullah Economic City signs contract with The International Trade Gateway Co Ltd for 9,000 sq m plot

Saudi's KAEC sells land for high voltage cable factory
King Abdullah Economic City (KAEC)

Saudi Arabia's King Abdullah Economic City (KAEC) has signed a contract with The International Trade Gateway Co Ltd (ITG) for the purchase of a 9,000 sq m plot of land in phase 1 of the Industrial Valley.

The land will be used to build a high voltage cable factory and will be the first of its kind in the Economic City, a statement said.

"We are proud that KAEC, through the Industrial Valley and other components, is establishing itself as the go-to destination for national, regional, and global investors who will enable us to move forward towards achieving the government's strategic vision for the city," said Fahd Al-Rasheed, Group CEO and managing director of KAEC.

One of the strategic advantages of the Industrial Valley is its direct link to King Abdullah Port, he said.

Khalid Makki, president of ITG, added: "We will develop a new production facility that will expand our services and propel our strategic plans. We have determined that KAEC's Industrial Valley is the ideal location from which to expand our business and reach a wider group of investors due to the strategic location, ease of procedures for new investments, and high quality infrastructure."

The Industrial Valley has so far attracted 120 national and global corporations, and the construction material production sector is considered one of the six target sectors.

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