Abdul Latif Jameel plans to invest $2 bln in Saudi Arabia

Abdul Latif Jameel (ALJ) is planning to invest nearly $2 billion in Saudi Arabia over the next five years as it looks to expand across a range of industries, the Jeddah-based conglomerate said in a statement on Thursday.

A total of $500 million has already been earmarked for investments this year.

Investments, set to be financed internally, will be made through the company’s various divisions and extend to country’s real estate, automotive, logistics and financial services sectors. The move is expected to create thousands of local jobs.

Under the plan, ALJ Motors will expand into new cities, boosting its capacity and adding to its network of contact centers. Investments will also be made by the company’s real estate division, which will focus on meeting growing demand for contemporary housing.

In addition, new initiatives will be launched in financial services and the manufacturing sectors.