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An SR 400 Million Investment THROUGH ITS SUBSIDIARY AL AZIZIA PANDA, SAVOLA ESTABLISHES RETAIL DISTRIBUTION CENTER AT KING ABDULLAH ECONOMIC CITY

Posted Mon 17 Dec 2012 12:47:23 pm in News, Business | By Dubib.com News Desk


Jeddah – December 15. 2012 – The Savola Group revealed its board decision dated December 15, 2012 approving the decision of its subsidiary Al Azizia Panda, 74.4% owned by The Savola Group, to establish a Retail Distribution Center at King Abdullah Economic City.  Panda will invest SR 400 million to establish the center on a land area covering 200,000 square meters in Zone B of the first phase of KAEC’s Industrial Valley.  The agreement will be based on a long-term lease reaching 30 years from Emaar and will be self-financed by the Company.

 

The Savola Group Managing Director, Dr. Abdulraouf Mannaa explained that this expansion stems from the Company’s efforts to benefit from the services and infrastructure provided by King Abdullah Economic City and the Industrial Valley including the advanced transportation facilities mainly Al Haramain Train and highways network which represent a high strategic value for the Retail Distribution Center.  The Retail Distribution Center will be part of the integrated industries at the King Abdullah Economic City in Rabigh and will enhance the logistical capabilities of the Company reflecting positively on the sales and distribution activities for Panda.



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