Business & Money | Sunday 20 September, 2015 4:39 pm |

King Abdullah Economic City has recently signed a contract with The “New Image Building Company Ltd.” (NIBC), specializing in contracting and real estate investments, to position its facility amongst the other investors in the Industrial Valley’s Phase 3. NIBC was formed in 2000 under the name of Zagzoog for Contracting then re-structured in 2003. NIBC is one of Zagzoog Group that includes Zagzoog for Home Appliances (a leading electronics retailer for the past 55 years in the Saudi market), Zagzoog for Air Conditioning and Maintenance (a leading air conditioning installing and maintenance specialist), Dunia Al Maaden for metal industries (a leading building materials and metal shaping specialist), and New Real Estate Tetra Company (specialized in real estate investment and development).

NIBC’s new facility, in the IV’s Phase 3, is expected to become fully functional within two to three years. The company will use the 100,967-square meter plot of land to build a distribution and logistics center in order to expand its construction, interior decoration, and finishing and refurbishment businesses in the Kingdom. 

Welcoming NIBC as the newest investor in the industrial valley among other investors, Mr. Fahd Al-Rasheed-Managing Director and Group CEO of KAEC, said: “Zagzoog Company is one of the biggest industrial names in the kingdom and the region market, and we are very pleased to have Zagzoog among the biggest national and international companies that the Industrial Valley has succeeded in attracting them to invest as part of their expansion plans.” He pointed out:” These looking-forward companies have based their decision on the state-of-the-art infrastructure, the world class public services and the unique social and commercial facilities, as well as the wide choice of residential accommodation; all which makes KAEC the ideal place to fulfil the industrial enterprises needs of all types.” 

Mr. Walid Zagzoog-Board Member of Zagzoog Company, expressed his pleasure at joining the other investors in the Industrial Valley in King Abdullah Economic City, saying: “We decided to invest in the Industrial Valley after we realized the many advantages and opportunities that have made KAEC a premier investment destination for local and foreign capital.” 

He went to say: “Here in KAEC, this is an appropriate occasion on which to announce the start of our plans to expand our commercial and industrial activities. Now, with more than 50 years in the Saudi and regional markets, we are ready to implement our strategy to move further into the regional and international markets, facilitated by the Industrial Valley’s close proximity to King Abdullah Port.”

Mr. Rayan Qutub, CEO of the Industrial Valley in KAEC, who attended the contract singing said: “The comprehensive land and sea cargo and transportation facilities coupled with the integrated infrastructure promises a prosperous future for investors in the Industrial Valley (IV), where we are fully committed to applying the highest international standards in everything we do, including King Abdullah Port, one of the world’s 10 largest ports which gives an access to 250 million consumers in the Arab world and East Africa.” He added:” we are developing an area that exceeds 25 million sqm to cope with the increased demand on the lands at the Industrial Valley. The IV has attracted numerous leading national and international companies, which to date we have 10 are already in operation and 26 others are under construction.” 

 

The KAEC’s Industrial Valley enjoys advanced infrastructure includes comprehensive water and power grids, sewage, telecommunications, storm runoff and road networks, including a complete range of facilities and housing solutions such as ‘The Village’ project, which provides proper housing to workers and supervisors.” He concluded:” the IV focuses on six leading industrial clusters which include: FMCG/foods, pharmaceuticals, logistics, plastics, building materials and the automotive sector”.