The Arabian Business reported that the Saudi real estate company Mawten has outlined plans to build a USD 293 million multi use industrial city in Riyadh.

The 6.5 million square meter site, named Industrial Gate City, will be located close to the current industrial area in the Saudi capital. The client is the Saudi Industrial Property Authority.

Mr Raeyed Al Dakheel CEO of Mawten said that "Mawten has allocated SAR 1.1 billion for this project which will provide a series of plots for industrial usage, warehouses, commercial centers and residential zones, in addition to public service areas equipped with high quality infrastructure in accordance with international standards."

He added that "This city, it is hoped, will be a model city to showcase the private sector’s initiatives as a key partner for the Kingdom’s industrial development and in meeting the increasing demand for industrial lands to develop local industries."

Mawten is also working on the Bella Casa luxury housing project in northern Riyadh, the Mirage Grand Hotel, also in Riyadh, and the Al Ehsan Royal Hotel in Makkah.

Earlier this week, real estate consultancy Jones Lang LaSalle earmarked the growing importance of the Gulf’s industrial and logistics zones as areas for potential foreign investment.

Meanwhile, Saudi Arabia sees the industrial sector as a key driver in its bid to diversify away from a hydro carbon based economy. The kingdom says it plans to double the contribution of industry to GDP to 20% by 2020.

(Sourced from www.arabianbusiness.com)