Jeddah-based Middle East Paper Company (MEPCO), one of the largest manufacturers and producers of containerboard and paperboard in the Mena region has signed a contract of purchasing an industrial land in King Abdullah Economic City (KAEC).
The agreement states the purchase of 132,028m2 of industrial land with cost $22.11m (SAR83.17m) for MEPCO’s future projects in the KAEC and the future expansion of the company.
As a part of the agreement, MEPCO paid 20% of the purchase price when signing the contract, but the rest of the cost will be paid across nine installments starting from the end of March 2021.
The chief executive officer of Saudi’s KAEC commented on the deal that King Abdullah Economic City has become one of the foundations of economic development in support of aspiring vision 2030 and one of the magnificent lands for major projects and investments in the Kingdom of Saudi Arabia.
The KAEC’s Industrial Valley is a coming up destination for the factories, local or international, and logistic services on the Red sea. Additionally, an important growth engine for companies and plants who want to establish their businesses and expand their activities.