Logo of Sadr Logistics Co. (Sadr)
Sadr Logistics Services Co. announced that its board of directors approved the construction of the Logistics Services Complex Project (Sadr Park) on the purchased land in the Industrial Gate City in Riyadh at the cost of SAR 149 million.
Construction will commence on Oct. 1, the company said in a statement to Tadawul, adding the project will be financed through a combination of borrowings and self-financing.
The Saudi Authority for Industrial Cities and Technology Zones (MODON) will supervise the project. The company’s board has approved the project budget and signed a contract with the main contractor.
The project intends to create an integrated logistics services area that will offer refrigerated, frozen, and dry storage solutions to customers in line with the highest international quality specifications and standards. The project will serve a variety of operations and support the company's expansion strategy in the logistics services segment.
Sadr Park is expected to be completed on March 31, 2025. The project is likely to positively impact the company's results from the second quarter of 2025. Trial production is slated to begin in Q2 2025 and last three months.
Sadr expects the park’s commercial operations to start in the third quarter of 2025. The project is forecast to raise the company's revenue and profit in the logistics services segment.
The project is being implemented by a group of contractors and suppliers from inside and outside of Saudi Arabia.
There are no related parties involved in the project, the statement said.
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