The Kuwaiti company Agility has announced plans to expand its logistics complex in Riyadh by adding 100,000 square meters of modern warehouses, bringing the total storage space to approximately 551,000 square meters.
The project, valued at SAR 250 million (around $66.58 million), aims to create 300 new job opportunities for Saudi citizens, with the first phase of the expansion set to be operational by the end of the first quarter of 2025.
Speaking to Asharq Al-Awsat during the Global Logistics Forum in Riyadh, Agility CEO Tarek Sultan noted that the company had signed a new memorandum of understanding to explore and develop logistics zones connected to railway projects in Saudi Arabia, aiming to strengthen the country’s logistical infrastructure.
Sultan emphasized Agility’s key role in improving services and linking railway networks to its foreign client base, which has shown growing interest in investing in the Kingdom. This comes as Saudi Arabia aims to become a global logistics hub by 2030.
Sultan also highlighted Agility’s commitment to developing the small and medium-sized enterprises (SMEs) sector in Saudi Arabia, stating that the company, which is listed on both the Kuwait Stock Exchange and Dubai Financial Market, is looking to maximize opportunities for these businesses through investments in storage and logistics services.
On Sunday, during the Global Logistics Forum, the company announced major expansion plans for its logistics complex in Riyadh, expected to be completed within a year and a half. Sultan noted that there are additional projects currently under study and planning.
The CEO noted that Agility’s investments in Saudi Arabia amount to several billion riyals and are steadily increasing. It is noteworthy that the company’s profits decreased by 16% in the first half of 2024, totaling 24.70 million Kuwaiti dinars, due to a 24% rise in general and administrative expenses.
