Saudi Arabia's King Abdullah Economic City (KAEC) has signed an agreement worth more than SR80 million ($21 million) with Nesma Water & Energy to develop the third phase-C of the Industrial Valley (IV).

The third phase-C of the IV comprises 1.2 million sq m.

Under the terms of the contract Nesma will design and build the core infrastructure for Phase Three-C including a comprehensive water system covering fresh water supply, sewage, drainage and effluent as well as electrical systems to prepare the area for built-up development.

“The growth of the Industrial Valley is essential to sustain the city’s economic cycle and rests on our ability to provide a comprehensive, customized solution to investors,” said Fahd Al-Rasheed, Group CEO and of KAEC. “Nesma is one of the Kingdom’s most trusted and respected names in infrastructure development and we welcome their continued partnership with King Abdullah Economic City.”

Nesma Water & Energy has already provided core water and electrical systems for the Al Murooj Beach Community at KAEC and for Phase 2 of the IV. The company is also known for its participation in the Riyadh Water Supply Enhancement, for which it met extraordinary deadlines to build thirteen deep water wells with filtration and cooling towers in just six months.

The new contract continues the on-schedule development of the Industrial Valley and reflects the continual growth in demand for facilities and services. The 55-sq- km Industrial Valley is the region’s fastest-growing logistics and manufacturing hub. More than 120 local and international companies have invested in manufacturing, distribution and logistics facilities. Thirty factories are already in commercial operation.

“Our investors and partners have come to rely on our ability to implement the various phases of the IV on schedule and with maximum attention to quality,” said Rayan Qutub, CEO of the Industrial Valley. “Nesma Water & Energy has a track record of implementing best practices in construction and infrastructure and will be an important partner in the continued expansion of the Industrial Valley.”

King Abdullah Economic City is the largest privately-funded new city in the world. Situated on the west coast of the Kingdom of Saudi Arabia, KAEC covers an area of 181 sq km of land, approximately the size of Washington DC. – TradeArabia News Service