King Abdullah Economic City (KAEC) signed an agreement with Petra Engineering Ind. Co., a manufacturer of air conditioning and refrigeration. Under the deal, KAEC will lease an additional land with an area of 45,552 square meters in phase 1B of KAEC Industrial Valley. This comes as part of Petra's expansion plans across the Saudi market.

The new contract comes a year after the previous contract between both parties entailed leasing a 25,204 square meter land at phase 1A in the Industrial Valley to build an air conditioning and refrigeration factory with an investment of SR 30 million, and is expected to start operation within three months to be the first Petra factory in the Kingdom.

Samir Hamed, GM of Petra Engineering Ind. Co., and Ahmed Linjawy, president of Industry and City Services in KAEC, signed the agreement.

Hamed said: "We are delighted to strengthen our partnership with KAEC through this agreement, which embodies our trust to the excellent services provided by the city to investors through developed infrastructure and advanced facilities and incentives that will support the implementation of the plans we have set for the Saudi market, and will serve as a new phase in the growth of Petra, which began 25 years ago and still continues to achieve success in the region."

Ahmed Linjawy welcoming the expansion steps of Petra Engineering Ind. Co. in the Industrial Valley indicated that the company would not have signed the new agreement if it did not believe in the Industrial Valley. Linjawy added: "We have achieved great success in attracting major companies and factories that are known locally, regionally and globally. The Industrial Valley is a perfect choice for industry leaders to establish the manufacturing hub and expand their presence in markets they operate in and target new markets."