The Savola Group approved the decision of its subsidiary Al Azizia Panda to establish a retail distribution center at King Abdullah Economic City (KAEC). Panda will invest SR400 million to establish the center on a land area covering 200,000 square meters in Zone B of the first phase of KAEC's Industrial Valley. The agreement will be based on a long-term lease reaching 30 years from Emaar and will be self-financed by the company. The Savola Group owns 74.4 percent of Al Azizia Panda. The Savola Group Managing Director Dr. Abdulraouf Mannaa said the expansion stems from the company's efforts to benefit from the services and infrastructure provided by King Abdullah Economic City and the Industrial Valley including the advanced transportation facilities mainly Al Haramain Train and highways network which represent a high strategic value for the retail distribution center. The center will be part of the integrated industries at the King Abdullah Economic City in Rabigh and will enhance the logistical capabilities of the company reflecting positively on the sales and distribution activities for Panda. — SG
