Emaar, The Economic City (EEC), the Tadawul-listed company developing King Abdullah Economic City (KAEC), signed an industrial land lease agreement with the Saudi Petra Engineering Company for the purpose of building a new manufacturing facility at the Industrial Valley in King Abdullah Economic City.
The new facility is expected to cost 30 million riyals and is aimed to manufacture chillers, air handling units; fan coils, packages, split and window units used in the construction and building material industry and will cater to an increasing demand in both the domestic and regional markets. The new facility is expected to create more than 300 new jobs and to train and develop skills of Saudi talents.
Engineer Samir Al Fetiany, General Manager of Saudi Petra Engineering Company, pointed out that the decision to build the new facility at the Industrial Valley in KAEC was based on an extensive feasibility study to ensure the optimum location for the project; he said: "The strategic location of King Abdullah Economic City and the availability of efficient port and road connectivity to the local and regional markets offers an array of logistical capabilities and enables huge growth potentials". Al Fetiany unveiled that the new facility is part of a long-term plan being steered towards improving competitiveness of Saudi Petra Engineering, as well as to uplift the capacity of the local sector.
Mr. Ahmed Linjawy, President of the Industrial and City Services Division in Emaar the Economic City, said" King Abdullah Economic City Industrial Valley is continuing to attract reputable industrial companies from Saudi and internationally in various sectors. It offers business friendly regulations, distinctive facilities and land area to host large projects and to meet the requirements of manufacturers and companies". "The Industrial Valley is efficiently integrated with the Port which makes the Industrial Valley a prime location to serve international trade between Europe and Asia and reach 250 million consumers in the Middle East and North Africa" added Linjawy.
Founded in 1987, Petra Engineering Industries is a company established to manufacture high quality commercial and industrial (HVAC) equipment. The company has expanded significantly throughout the years and continues to grow. Petra has 1500 employees including highly competent technical and managerial staff with over 300 engineers.
KAEC's Industrial Valley aims to be a social and economic enabler for Saudi Arabia, and encourage local and international manufacturers to open large facilities. KAEC is offering business-friendly regulatory benefits, best-in-class and sustainable infrastructure, and proximity to a state-of-the-art seaport on the Western coast of Saudi Arabia. This would make KAEC a strategic hub and the reason why some of the top world class manufacturers have already signed land lease agreements with KAEC.