RIYADH: The first investment fund for logistics services has been launched to develop a logistics city in Jeddah, western Saudi Arabia, with investments totaling SR650 million ($173 million).
The project aims to enhance the supply of land and logistics services and bolster Jeddah’s position as a regional logistics hub, according to Maher Bilal, chairman of the board of directors of Missan for Real Estate Development Co., who spoke to Al-Eqtisadiah.
Development plans
Bilal said the project coincides with the signing of two agreements with strategic partners — Ansab General Contracting Co. and financial firm FAAD Partners — to launch the “Missan Logistics Opportunity Fund.”
He explained that the project will be built on a 320,000-sq.-meter plot north of Jeddah in Al-Kawthar District, south of Al-Hamdaniya. Development is expected to be completed within 18 months, after which the developed land will be offered for sale according to a timeline determined by market studies. The project will meet around 5 percent of market demand.
