The board of Saudi’s Sadr Logistics Company has given their approval for the construction of a logistics complex worth $39.72 million in the Industrial Gate City of Riyadh.
In a statement to the Saudi stock exchange, the company announced that the complex, also known as Sadr Park, will be developed under the supervision of the Saudi Authority for Industrial Cities and Technology Zones (MODON).
The construction of the project is scheduled to commence on October 1, 2023, and it is anticipated to be completed by March 31, 2025.
Starting from the second quarter of 2025, trial operations for a duration of three months will be initiated.
According to the statement, the park’s financing will be sourced through a combination of self-funding and borrowings.
A consortium of contractors and suppliers from both domestic and international sources will be involved in the development of the project. However, the specific names of the contractors have not been disclosed at this time.
The primary objective of Sadr Park is to establish a comprehensive logistics services zone. This zone will offer storage solutions to customers. These solutions will include refrigerated, frozen, and dry storage facilities. This initiative aligns with the company’s expansion strategy.
Saudi Arabia witnessed a significant decline in its total exports last July. This decline encompassed both oil and non-oil products. The year-on-year (YoY) drop was 35 percent. The total exports amounted to 91.3 billion royals ($24.3 billion) compared to SAR 140 billion. This decline was primarily driven by reduced oil exports.
Furthermore, oil exports from Saudi Arabia experienced a significant decline in the same period. This is according to recent data released by the General Authority for Statistics. The figures indicate a decrease of SAR 43 billion. This corresponds to a 38 percent drop. Oil exports amounted to SAR 70 billion compared to SAR 113.1 billion in March 2022. OPEC+ and self-imposed production cuts are the culprits.
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