Riyadh – Mubasher: The board of Sadr Logistics Company approved the construction of Sadr Park as a logistics services complex project at a cost of SAR 149 million.
The project will be located in the Industrial Gate City in Riyadh and is expected to be completed by 31 March 2025, according to a bourse disclosure.
Sadr Park, which construction will commence on 1 October 2023, will provide a range of storage solutions for customers, including refrigerated, frozen, and dry goods.
The financial impact of the project is estimated to reflect on the income statements as of the second quarter (Q2) of 2023 in the form of increasing the company's revenues and profits in the logistics sector.
Pilot production of the development is projected to last for three months, starting from Q2-25.
Sadr Logistics noted that the project will be funded through borrowing and self-financing, while the contractors and suppliers will be from both inside and outside Saudi Arabia.
