Binzagr to construct logistics center in KAEC

Updated 24 January 2016
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Binzagr to construct logistics center in KAEC

RABIGH: As part of its ongoing plan to attract global and national investors, King Abdullah Economic City (KAEC) has signed a contract with Binzagr Company (BZC), one of the foremost distribution companies in Saudi Arabia.
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.”


Tesla shares fall after CEO Musk abuses British diver

Updated 17 July 2018
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Tesla shares fall after CEO Musk abuses British diver

  • The billionaire entrepreneur’s spat with British diver Vernon Unsworth started last week, after rescue teams rejected Musk’s offer of a mini-submarine created by his rocket company SpaceX
  • Musk gave no evidence for alleging Unsworth was a pedophile

NEW YORK: Shares of Tesla Inc. fell 2.75 percent on Monday after Chief Executive Elon Musk directed abuse on Twitter at one of the British cave divers involved in the rescue of 12 Thai children last week.
A number of analysts and investors, requesting anonymity, told Reuters that Musk’s comments are adding to their concerns that his public statements are distracting him from Tesla’s main business of producing electric cars. The stock sell-off knocked almost $2 billion off the company’s market value.
Tesla shares closed at $310.10 before rising 1.9 percent in after-hours trading.
James Anderson, a partner at Tesla’s fourth-largest shareholder, asset manager Baillie Gifford, called the weekend’s events “a regrettable instance” and said he had reiterated to the company the need for “peace and execution” of its core business.
The billionaire entrepreneur’s spat with British diver Vernon Unsworth started last week, after rescue teams rejected Musk’s offer of a mini-submarine created by his rocket company SpaceX to help rescue a 12-member soccer team and their coach trapped inside a flooded cave in the northern province of Chiang Rai.
“He can stick his submarine where it hurts,” CNN reported Unsworth as saying. “It just has absolutely no chance of working.”
Musk shot back on Sunday on Twitter: “We will make one (video) of the mini-sub/pod going all the way to Cave 5 no problemo. Sorry pedo guy, you really did ask for it.” The tweet was later deleted.
Tesla spokespeople and lawyers did not respond to emails and phone calls from Reuters requesting comment on Musk’s comments on Twitter.
Musk gave no evidence for alleging Unsworth was a pedophile. Unsworth said he would consider taking legal action against Musk over the remarks, in comments filmed in Chiang Rai on Monday by Australia’s 9News. Reuters could not reach Unsworth for comment.
Unsworth’s wife told Reuters on Monday that her husband was returning to Britain on July 19, where he will speak to lawyers.
Last week, Narongsak Osottanakorn, the leader of the rescue operation in Thailand, rejected Musk’s mini-submarine as not suitable for the task. Musk responded on Twitter on July 10, calling Osottanakorn “not the subject matter expert.”
Musk also regularly uses Twitter to criticize media reports on Tesla, which has struggled to meet its own production targets for its Model 3 sedan, which is seen as key to the company’s profitability.