The Abdul Latif Jameel group has announced plans to internally fund investments of close to $2bn in the country over the next five years, with $500m already earmarked for 2016.
The proposed investments form part of long-term expansion plans in the Saudi market across sectors including automotive, logistics and heavy equipment, and are expected to create thousands of jobs.
As a result, Abdul Latif Jameel will also be investing in a new eco-friendly and energy-efficient 40,000m2 headquarters in Jeddah, with the capacity for up to 2,500 employees.
“Saudi Arabia is an evolving economy and our new investments are based on what we see as continued opportunity and potential for future growth,” said Mohammed Abdul Latif Jameel, chairman and CEO of Abdul Latif Jameel.
“The economy today is going through a remarkable transition. The range of diversification initiatives being implemented by the government, along with a dynamic consumer market, offers significant potential for local and international investors.”
Abdul Latif Jameel Machinery is already in the process of developing three new facilities in Jeddah, Riyadh and Dammam for the distribution and service of Komatsu machinery, on top of five existing 4S facilities positioned in major cities across the country.
Abdul Latif Jameel took over the distribution and service role for Komatsu in 2012, based on the strength of its relationship with Japan’s Toyota, and the group quickly set out to develop an aftersales network for the roughly 5,500 Komatsu units in the market as its first point of business.
