Binzagr to construct logistics center in KAEC
Binzagr to construct logistics center in KAEC
BZC will purchase and own 300,000 sqm of land at the Industrial Valley Phase 3 to construct an integrated logistics services center.
The contract was signed by Fahd Al-Rasheed, managing director and CEO of KAEC, and Ahmed Mohammed Binzagr, COO of Binzagr Company.
Al-Rasheed said: “We are delighted to welcome BZC, a highly reputable business in Saudi Arabia. BZC will — like all KAEC investors – thrive in this ideal environment that combines integrated services with an advanced infrastructure, and an unrivaled range of express transportation and loading facilities. An increasing number of regional and global investors are taking advantage of the unique solutions that the Economic City offers.”
BZC is a core component of the Binzagr Group; BZC owns and represents more than 55 major commercial brands, providing integrated solutions in the fields of warehousing, distribution and logistics services.
It also has brands in FMCG, beverages, automotive tires, and personal and home care products.
“BZC has high aspirations for this new center, which will allow us to continue to create innovative solutions to meet the requirements of the Saudi market,” affirmed Binzagr.
“We are proud to be part of the economic city’s growing business community, with the international standards and quality excellence that we demand. It is the perfect environment to implement our expansion plans in the region,” he added.
The Industrial Valley is served by a unique combination of transportation facilities, including the Haramain Railway and the King Abdullah Port.
This enables investors to establish a distribution network accessing the largest market in the region.
KAEC has attracted more than 100 major local and international companies, with 20 having already started production, and 30 having begun to establish their factories and operational facilities.
Rayan Qutub, CEO of the Industrial Valley at KAEC, said: “BZC is a truly great name and will enable us to continue to provide the Saudi market with quality products. The Industrial Valley is the premier destination for industries in the region, due to its advanced infrastructure and integrated logistics services, with a direct link between the Industrial Valley and King Abdullah Port, one of the ten largest ports in the world.
The Industrial Valley is one of the key drivers for the Saudi economy, a truly global logistical hub, and an access point to over 250 million consumers in the Middle East and East Africa.
Work is in progress on the development of an advanced, comprehensive infrastructure of more than 25 million sqm to meet the continuing demand in warehousing and logistics services.”
Egypt stock market plunges as retail investors take flight
- Biggest index drop in Egypt since mid-2016
- Saudi Arabia outperforms in Gulf
LONDON: Egyptian stocks tumbled to their lowest level this year on Wednesday as retail investors took flight.
A sharp rise in Suez Canal revenues, a major foreign exchange earner for the country, was not enough to quell investors concerns about the strength of the currency.
The main Egyptian stock index lost 3.8 percent which some fund managers blamed on generally negative sentiment toward emerging markets worldwide as well as more local speculation about possible currency devaluation.
“Our channel checks suggest the sell-off in the Egyptian market is local retail and institutions driven, on currency fears and speculation over a further round of devaluation,” said Vrajesh Bhandari, portfolio manager at Al Mal in Dubai, Reuters reported.
“Selling is further intensified as margin calls are triggered and technical support levels break down. The country canceled three consecutive Treasury auctions, citing investors’ unrealistic yield demands.”
Egypt’s Suez Canal revenues rose to $502.2 million in August up 6.7 percent from a year earlier according to official data released on Wednesday.
Elsewhere regional stock markets closed mostly lower with the exceptions of Abu Dhabi which edged 0.2 percent higher and Saudi Arabia, the best regional performer, which rose by 1.1 percent.
Saudi stocks are benefiting from the strong oil price which eased slightly yesterday but still hovered just under $79.
OPEC and some other oil producers including Russia will meet in Algeria on Sept. 23 to discuss how to allocate supply increases within their quota framework to offset the loss of oil exports from Iran following the introduction of sanctions by the US.
Those measures will come into force on Nov. 4 and data suggests that buyers are already retreating from Iranian crude purchases.
A key question for the oil price as well as regional stock markets in the weeks ahead will be the extent to which other Gulf oil exporters can compenaste for the loss of Iranian supplies by pumping more.