King Abdullah Economic City recently announced a new land plot signing with Zahid Tractor and Heavy Machinery Company for the purchase of 225,000 sq. meters in KAEC's Industrial Valley-phase 2 for the construction and operation of Volvo and Renault trucks. The plant will be developed on an area of 60,000 sqm and is expected to produce 4,000 trucks a year and provide 400 new jobs. Fahd Al-Rasheed, Managing Director and CEO of KAEC, said “the new trucks assembly plant, which will be constructed by Zahid Group, is considered a major milestone in the growth of King Abdullah Economic City.” “The choice reflects the numerous advantages that KAEC offers to local and global companies which create a unique atmosphere for investments. These advantages include world-class infrastructure, clear and business-encouraging regulations and hassle-free processes, ease of issuing permits and licenses and the possibility of providing qualified manpower through training centers for Saudi talents. The availability of housing solutions within the vicinity of the Industrial Valley, and the direct link with King Abdullah Port makes the IV a global logistical hub and an access point to reach about 250 million consumers in the Middle East and North Africa, not to mention the availability of Haramain Railway station in KAEC and the future land bridge.” Amr Khashoggi, VP, Corporate Affairs of Zahid Group, said: “We are proud of being here in King Abdullah Economic City, which is one of the most important outputs of the economic stimulation process and has supported the Kingdom in occupying a leading position among the most prominent investment areas in the region and the world.” “Our investment in the Industrial Valley is one of the Zahid Group's most important expansion stages and will provide a quantum leap for Saudi Arabia's non-oil economy. The factory will produce Volvo trucks which are world famous for strength, durability and safety, and which are sold and serviced in more than 130 countries, making Volvo Truck Corporation the third largest heavy-duty truck manufacturer in the world in terms of large production capacity compared to its counterparts,” he added. Khashoggi noted: “In the upcoming period we will be working on finishing the factory designs in order to start construction during the first quarter of 2014.” — SG
