Saudi KAEC inks Petra Engg lease deal
Jeddah, August 11, 2012
Saudi's King Abdullah Economic City, the region's largest private sector project, said it has signed an lease agreement with Petra Engineering Industrial Company, a leading manufacturer of air conditioning and refrigeration equipment based in Jordan.
As per the agreement, KAEC will lease an additional land with an area of 45,552 sq m within the phase 1B in its industrial valley project.
The new contract comes a year after the previous contract between both parties which entailed leasing a 25,204 sq m land at phase 1A in the industrial valley to built an air conditioning and refrigeration factory with an investment of SR30 million.
The move comes as part of Petra’s expansion plans within the Saudi market, said Samir Hamed, the general manager of Petra Engineering aftwer signing the deal with Ahmed Linjawy, the president of Industry and City Services in KAEC.
'We are delighted to strengthen our partnership with KAEC through this agreement, which embodies our trust to the excellent services provided by the city to investors through developed infrastructure and advanced facilities,' Hamed remarked.
'The incentives at the KAEC project will support the implementation of the plans we have set for the Saudi market, and will serve as a new phase in the growth of Petra, which began 25 years ago and still continues to achieve success in the region,' he added.
Welcoming Petra to KAEC, Linjawy said, 'We have achieved great success in attracting major companies and factories that are known locally, regionally and globally. The Industrial Valley is a perfect choice for industry leaders to establish the manufacturing hub and expand their presence in markets they operate in and target new markets.'
Petra Engineering, which was founded in 1987, is expected to provide more than 300 jobs in its plant at KAEC and will contribute in training and developing local cadres.
The factory specializes in producing various air-conditioning and refrigeration equipment that covers the growing market demand for such products.-TradeArabia News Service