King Abdullah Economic City (KAEC) recently signed a contract with the New Image Building Company Ltd. (NIBC), which specializes in contracting and real estate investments, to position its facility among the other investors in the Industrial Valley’s (IV) Phase 3.

NIBC, formed in 2000 under the name of Zagzoog for Contracting, restructured in 2003.

NIBC is part of the Zagzoog Group that includes Zagzoog for Home Appliances, a major electronics retailer for the past 55 years in the Saudi market; Zagzoog for Air Conditioning and Maintenance, a leading air conditioning installing and maintenance specialist; Dunia Al-Maaden for metal industries, a major building materials and metal shaping specialist; and New Real Estate Tetra Company, which specializes in real estate investment and development.

NIBC’s new facility, in the IV’s Phase 3, is expected to become fully functional within two to three years.

Fahd Al-Rasheed, MD and group CEO of KAEC, said: “Zagzoog Company is one of the biggest industrial names in the Kingdom and the region, and we are very pleased to have Zagzoog among the biggest national and international companies that the IV has succeeded in attracting to invest.”

Walid Zagzoog, board member of Zagzoog Company, said: “Now, with more than 50 years in the Saudi and regional markets, we are ready to implement our strategy to move further into the regional and international markets, facilitated by the Industrial Valley’s close proximity to King Abdullah Port (KAP).”

Rayan Qutub, CEO of the IV in KAEC, said: “The comprehensive land and sea cargo, and transportation facilities coupled with the integrated infrastructure promises a prosperous future for investors in the IV, where we are fully committed to applying the highest international standards in everything we do, including KAP, one of the world’s 10 largest ports which gives access to 250 million consumers.”