KUWAIT (Reuters) – Kuwait’s Agility Public Warehousing Company announced Thursday that it has signed an agreement with the Public Authority for State Real Estate to build a “huge” logistics complex and will invest 611 million riyals ($ 162.61 million). ) in the construction of the complex.
The company said in a statement to the Kuwait Stock Exchange that the complex will be intended for storage and distribution, has an area of 577,000 square meters and is located near Jeddah, indicating that the operating rights are 25 years.
The statement added that Agility will begin construction work in the first quarter of 2023 and that the complex is expected to open in the first quarter of 2025 “and capital expenditures will be reflected in the company’s balance sheet during the construction period, which is two years. , and the yield cannot be determined at the moment. “
(= 3.7575 riyal)
(Press report for the Arab Bulletin, Ahmed Hajjaj – By Suha Jado)
