King Abdullah Economic City (KAEC) has signed a contract with Gulf Start Factory for Petroleum Industries to lease a 15,677 square metre property in the Industrial Valley in Saudi Arabia.
Construction of Gulf Start’s Factory to produce lubricating oils is expected to begin later this year.
“Expanding in the field of light industries is part of the city’s desire to become a hub of varied, qualitative industries,” said Fahd Al-Rasheed, Group CEO and managing director of KAEC. “This also supports our strategic objective of creating alternative industries that meet the aspirations of a changing market.
According to Gulf Start General Manager Saleh Bashanfar, the company’s decision to invest in KAEC’s Industrial Valley is part of its expansion plan. The company plans to produce lubricants for the local as well as export market.
“Gulf Start will be able to reach a wider range of customers thanks to the strategic location of the Industrial Valley amid a comprehensive network of land and sea transport lines,” he said.