KAEC — King Abdullah Economic City has signed a contract with Banaja Holdings Group, which is specialized in distributing pharmaceuticals and medical equipment, to lease land in the Industrial Valley-phase 3 aiming to initiate its expansion plans in the Saudi market.



Banaja Holdings plans to use the 211,700 sq. meter land to set up a regional distribution and logistic services center for its imported pharmaceutical products. It is expected that the development of the new industrial facilities will take two to three years.



Fahd Al-Rasheed, Group CEO and Managing Director of KAEC, expressed pride in the investment of Banaja Holdings Group in KAEC. “We are glad that Banaja Holdings is present on the list of major local and international companies in the Industrial Valley as part of their strategic expansion plan. We are interested in this sector due to the distinctive job opportunities it offers and to its contribution in healthcare and safety of citizens,” he said. Yousef Banaja, president of Banaja Holdings Group, said the choice of the Industrial Valley in KAEC was due to the privileges and incentives offered to investors at a regional level. — SG