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Publish Date : 14-Aug-2012

Saudi\'s largest private sector project, King Abdullah Economic City has entered into a lease agreement with Petra Engineering Industrial Company, as part of Petra’s expansion plans within the Saudi market.

Under the agreement, KAEC will lease another land with an area of 45,552 sq m within the phase 1B in its industrial valley project.

The agreement was initialed by Samir Hamed, the general manager of Petra Engineering and Ahmed Linjawy, the president of Industry and City Services in KAEC.

Hamed said, “We are delighted to strengthen our partnership with KAEC through this agreement, which embodies our trust to the excellent services provided by the city to investors through developed infrastructure and advanced facilities.”

He added, “The incentives at the KAEC project will support the implementation of the plans we have set for the Saudi market, and will serve as a new phase in the growth of Petra, which began 25 years ago and still continues to achieve success in the region.”

“We have achieved great success in attracting major companies and factories that are known locally, regionally and globally,” said Linjawy, “The Industrial Valley is a perfect choice for industry leaders to establish the manufacturing hub and expand their presence in markets they operate in and target new markets.”

The new contract follows the earlier contract between both parties which entailed leasing a 25,204 sq m land at phase 1A in the industrial valley to built an air conditioning and refrigeration factory with an investment of SR30 million.

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