Agility has announced plans to build a logistics park for storage and distribution near Jeddah, Saudi Arabia.
This park is being built a part of a land-concession agreement announced by State Properties General Administration (SPGA).
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The project at Al Mahjar village will see a modern warehousing complex being built on a 576,760m2 parcel of land beginning in Q1 2023.
Agility Jeddah Logistics Park is anticipated to open in Q1 2025.
As per the agreement with SPGA, Agility will invest $163m (SAR611m) to construct the park and operate it for 25 years.
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The company currently operates Agility Logistics Parks in Riyadh and Dammam.
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By GlobalDataThe 870,000m2 park at Riyadh and 200,000m2 park at Dammam are claimed to be the most advanced logistics parks in the country.
This announcement by Agility comes after the Saudi government recently revealed a plan to transform the country into a global logistics centre as part of its Vision 2030 strategy Saudi Arabia’s Global Supply Chain Resilience Initiative (GSCRI).
This initiative aims to attract $11bn in fresh investment in first two years and position the country as a main link in global supply chains.
State Properties General Administration governor Ihsan Bafakih said: “This step will help the SPGA pursue and achieve its strategic objective of efficient management of its real estate assets in a way that maximizes the benefits for the development of the economy.
“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.”
Agility Logistics Parks CEO for global operations Michel Saab said: “Agility’s Jeddah complex will accelerate Saudi economic growth and make it easier for international and local companies to expand in the Kingdom.
“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 park in Jeddah will cater to international and local customers in the retail, consumer goods, technology, automotive, energy and e-commerce sectors.
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Image: Agility Jeddah Logistics Park is anticipated to open in Q1 2025. Credit: Agility
