DUBAI, 6 June 2004 — Saudi-based Al-Faisaliah Group and Almunajem Group have signed an agreement with regional logistics giant PWC Logistics to form a joint venture, “PWC Logistics Saudi Arabia”.
The agreement was signed in Riyadh at the Al-Faisaliah headquarters in the presence of Prince Mohammed K. A. Al-Faisal, president of Al-Faisaliah Group Holding Company Limited, Abdul Aziz Almunajem, managing director of Almunajem Group and Tarek Sultan, chairman of PWC Logistics. The joint venture will build state-of-the-art logistics and supply chain facilities in Saudi Arabia. The business will require an investment of over SR500 million.
Abdul Aziz Almunajem said, “Businesses in Saudi Arabia will finally now be able to take advantage of the award winning services of PWC Logistics while optimizing their supply chain processes.” Tarek Sultan said, “Our innovative and flexible solutions keep our customers satisfied and more focused on selling their services rather than worrying about their logistics. With our current regional expansion and our tailor-made services, our customers are able to move and store their products anywhere in the region with total visibility and transparency of their supply chain.”
As a result of this new joint venture, companies in the GCC will be able to take advantage of PWC Logistics’ regional presence. The agreement also reinforces PWC Logistics’ position as a leader in the supply chain industry and the company is thus in a position to provide truly world class supply chain solutions with regional visibility and control to its customers.