Toys 'R' Us in Saudi KAEC lease deal
Riyadh, August 28, 2013
Toys “R” Us has signed a development lease contract with King Abdullah Economic City (KAEC), one of the largest and economical projects run by the private sector in the Middle East, for a 35,017 sq m plot in the area.
The plot in the Phase 1B of the Industrial Valley in KAEC will be used by Toys "R" Us for building a distribution centre that will be the hub for its expansion plan in Saudi Arabia and which will ultimately create job opportunities in its stores across the Kingdom, said the leading toy retailer.
KAEC boasts of a total area of 168 million sq m along the coast of the Red Sea. Through its Industrial Valley, KAEC has succeeded in attracting more than 50 national and international industrial companies.
Ahmed Linjawy, the president of Industry and City Services in KAEC, said, “We are very happy to welcome Toys “R” Us to join the fast increasing number of local and international market leaders who have chosen KAEC Industrial Valley as the base from which to grow their market share in Saudi Arabia and the Middle East.”
"KAEC supports investors and venture capitalists willing to invest in the Industrial Valley with a variety of owning and long-term leasing options," remarked Linjawy.
"This enables them to benefit from many of the main services offered by the city, for instance, the ease of issuing permits and licenses through the Economic Cities Authority, the availability of housing solutions within the vicinity of the Industrial Valley, the world class infrastructure, telecommunications and transportation connections," he added.
On the choice of KAEC, Omar Bakkar, the general manager of Toys “R” Us, said: "Given the prime infrastructure and the excellence of the facilities and amenities, the deciding factors were the strategic location and logistical advantages that make KAEC the ideal location for our new Saudi hub."
"We are confident of the value of our products and this encourages us to expand and reach all segments of society providing useful and joyful products for our children with high safety standards by insuring that all our products meet to the Saudi and international safety standards, where our motto is "Safety First"," he added.-TradeArabia News Service