Agility would like to announce that it has signed an agreement with Saudi Arabia’s State Properties General Administration (SPGA) to build a large logistics park for storage and distribution near Jeddah. Under the terms of its agreement with SPGA, Agility will invest 611 million SAR (around KD 50 million) to build the park over 576,760 SQM and have the right to operate it for 25 years.
The construction of the park will start in Q1 2023 and the opening of the Agility Logistics Park – Jeddah is anticipated in Q1 2025.
The CAPEX will be reflected in the company’s financial over the 2 years construction period, however return from the park can’t be assessed at the moment.
Best Regards,
Investor Relations Team