Abdul Latif Jameel to invest $2bn in Saudi
JEDDAH, March 4, 2016
Abdul Latif Jameel, a leading commercial enterprise, has begun to implement plans to invest about $2 billion in Saudi Arabia over the next five years, with $500 million already earmarked for 2016.
The series of new investments is part of the businesses’ long-term expansion plans in the Saudi Arabian market, and its contribution to the growth of the local economy, across a range of industries, said a statement.
Mohammed Abdul Latif Jameel, chairman of the board and chief executive officer of Abdul Latif Jameel, said: “Saudi Arabia is an evolving economy and our new investments are based on what we see as continued opportunity and potential for future growth.
“The economy today is going through a remarkable transition, with a range of diversification initiatives being implemented by the government. This, along with a dynamic consumer market and a growing population, offer significant potential for local and international investors."
The announced investments are being funded internally by Abdul Latif Jameel, and are expected to create thousands of new jobs in Saudi Arabia, across the automotive, real estate, logistics and financial services sectors.
Abdul Latif Jameel Motors will be expanding its network into new cities, increasing the number of customer contact locations, and increasing its total service capacity for its Toyota related brands.
The new auto-logistics centres will also be developed, in addition to upgrading existing retail and service facilities.
Investments will also be made through Abdul Latif Jameel’s real estate division, Abdul Latif Jameel Land, a residential property developer in Saudi Arabia that focuses on projects designed to meet the country’s growing demand for contemporary housing.
This overall investment plan also includes new initiatives in financial services, as well as exploring new opportunities in the manufacturing sector.
Abdul Latif Jameel will also be investing in a new eco-friendly and energy efficient headquarters in Jeddah, which will cover 40,000 square meters, with capacity for up to 2,500 employees. In addition, in Riyadh the Company will soon complete the construction of the world’s largest Lexus retail facility. - TradeArabia News Service
