Contributing to economic growth in the Kingdom and enhancing the capital's position as a global logistics hub
RIYADH -- 10 December 2024 -- Riyadh Development Company (ARDCO), a publicly listed Saudi real estate development and development management company, and Agility Logistics Parks (ALP), announced the signing of a strategic partnership to build a state-of-the-art warehousing facility at a prime location east of Riyadh.
The SAR 227m project involves construction of 58,000 SQM of Grade A warehousing on a 97,904 SQM parcel of land in the Rimal district of Riyadh. The integrated logistics center will be built by Agility, on land owned by ARDCO.
Construction is to begin in 2025, and the complex is expected to open in the first half of 2026.
On this occasion, Jehad AlKadi, CEO of ARDCO, said: 'This partnership is part of our commitment to the 'Invest to Grow' strategy, which aims to invest in promising growth sectors, providing a sustainable source of income for the company while creating added value in priority sectors and maximizing overall shareholder returns. The 'Logistics Facilities' project, in collaboration with Agility Logistics Parks, marks the company's first investment in high-quality logistics sector facilities. This contributes to strengthening Riyadh's position as a vibrant capital and a regional hub for logistics services.'
Michel Saab, CEO of Agility Logistics Parks, also said: 'We are proud to collaborate with ARDCO on this new project, which reflects our confidence in Saudi Arabia's potential as one of the most exciting markets for logistics investment in the world today. Agility has been investing in building strategic logistics infrastructure in the Kingdom for over two decades, and we've witnessed first-hand how Riyadh is continuing to strengthen its position as a vital regional and global logistics hub. This project will further expand logistics capacity and resilience in the nation's dynamic capital.'
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