SISCO announces that the Saudi Trade and Export Development Company (Tusdeer), whose SAR 190 million capital is 76% owned by SISCO, signed a contract (on September 2, 2012) to build the fourth duty-free warehouse village, comprising 20 warehouses, 22000 m2 each. The project’s total cost is around SAR 46 million, and is developed in response to rising demand from Tusdeer’s customers. The new project puts total storage area to 72,000 m2, and shall be completed in 16 months. The project will have positive effect on SISCO’s revenue in 2014.
Tusdeer owns and runs the first bonded and re-export zone at Jeddah Islamic Port and Saudi Arabia’s ports. It rented all the 20 warehouses in advance, all compliant with international standards.
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