SPGA rents property for over SAR 500 mln in south Jeddah

Officials during the contract signing ceremony.

Saudi Arabia’s State Properties General Authority (SPGA) signed a contract with Agility Logistics Parks to lease a property worth over SAR 500 million for a period of 25 years.   

Agility will invest more than SAR 611 million in the development of an idle land with an area of 576,000 square meters, south of Jeddah, into a major logistics complex, through setting up infrastructure according to the latest international specifications, and a commercial strip that provides many services that support the economic movement, the authority explained in a statement received by Argaam. 

SPGA’s Governor Ehsan Bafaqeeh noted that the authority is studying its real estate portfolio and working towards transforming its assets into lucrative investment opportunities by providing suitable property for sustainable, pioneering projects with private-sector partners. 

He added initiatives such as the Agility facility in Jeddah offer an opportunity to enhance the contribution of the country’s real estate assets to GDP while increasing the value of the government-held property, developed infrastructure and sustainable buildings. 

Meanwhile, the initiatives come within the framework of the authority's pursuit to achieve its strategic objectives towards raising the management of the state's real estate assets and maximizing its developmental and economic role, Bafaqeeh stated.