Saudi SAL, Sela in deal to set up $1bln Falcons City logistics zone
SAL Saudi Logistics Services Company has announced that it has signed an agreement with Sela Company to launch a new logistics zone at an investment of SAR4 billion ($1.1 billion) within the Falcons City project north of Riyadh.
Spanning over 1.5 million sq m area, the facility will feature high-quality, Category A warehouses and storage spaces designed to meet diverse requirements, said a statement from SAL Saudi Logistics Services Company.
The initiative aligns with their joint efforts to enhance strategic partnerships, support the logistics sector, and boost the kingdom's position as a global logistics hub in line with Saudi Vision 2030 and the National Transport and Logistics Strategy, it stated.
The agreement was signed by SAL CEO Omar bin Talal Hariri and Sela Managing Director Rakan Al Harthy at a key ceremony held in the presence of Minister of Investment Khalid Al Falih and Minister of Transport and Logistic Services Saleh Al Jasser.
It was also attended by General Authority of Civil Aviation President Abdulaziz Al Duailej, Saudi Falcons Club CEO Talal bin Abdulaziz Al Shamaisi, and several other senior officials, investors, and business leaders.
Falcon City, for which the agreement was inked, enhances the appeal of the Malham area north of Riyadh. Home to the Saudi Falcons Club, one of the region's most prominent cultural and heritage landmarks, the area has contributed to tourism and cultural activities through its programs, events, and international initiatives.
This integration of economic projects with heritage activities attracts visitors and investors while reinforcing the area's status as a comprehensive destination that blends a modern economy with the preservation of Saudi Arabia's cultural heritage, it stated.
On the new logistics zone, Hariri said it will significantly enhance the company's capabilities due to its strategic location near King Khalid International Airport, major highways, and rail networks connecting various regions of the kingdom.
"This will solidify its position as a comprehensive hub for shipping and distribution operations, further supporting Saudi Arabia's role as a key global trade center," he noted.
According to him, the SAR4-billion investment in developing a model logistics zone aligns with SAL's strategic plan to enhance its leadership as a national logistics provider that adheres to the highest global standards.
"The key facility will boast high-quality Category A warehouses and storage spaces for diverse requirements," he stated.
Falcons City represents an advanced model of integrated cities, spanning 14.4 million sq m in the Malham area north of Riyadh. Its strategic location ensures easy accessibility and includes key facilities such as the Riyadh Exhibition and Convention Center, a state-of-the-art logistics zone attracting major global companies, an aviation runway, and an aircraft maintenance area, all of which enhance air transport and cargo efficiency.
The project also features economic, commercial, residential, hospitality, and entertainment zones, along with an outlet mall to meet the aspirations of investors, residents, and visitors, he added.- TradeArabia News Service
Copyright 2024 Al Hilal Publishing and Marketing Group Provided by SyndiGate Media Inc. (Syndigate.info).
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