Emaar, The Economic City (EEC), has announced the signing of a contract with Tamer Group for the purchase of 500,000 square meters of freehold land in the Industrial Valley at King Abdullah Economic City (KAEC). Fahd Al-Rasheed, managing director and CEO of KAEC, and Ayman Mamon Tamer, chairman and board member of Tamer Group, signed the deal in the presence of senior executives from KAEC and Tamer. EEC, a Tadawul-listed firm, is developing the King Abdullah Economic City. Tamer Group is a leading healthcare, prestige products and consumer goods company. The signing of the agreement comes in line with KAEC's strategy to attract a large number of specialized industrial companies in the Industrial Valley. Tamer's new complex will develop areas of manufacturing pharmaceuticals and food with plans for diversification and integration, according to a report published today by the Jeddah-based Arab News. The first phase of the Industrial Valley, which is spread over 1,600,000 square meters with an infrastructure of integrated services, has been leased to major local and international companies such as Pfizer, Sanofi Aventis, Mars, Greif and Total. Phase II, with an area of more than 7,000,000 square meters, is currently in progress.
