New tuna production factory deal signed for KSA
King Abdullah Economic City (KAEC) has announced a deal to lease a 35,906 m2 plot of land to Golden Tuna, in the third phase of its Industrial Valley.
The company will use the land to build a tuna production facility and construction is scheduled to begin later this year, reports sister publication Arabian Business.
Production is set to begin by the beginning of 2018 for sales in the Saudi, GCC and Egyptian markets, a company statement said.
Golden Tuna said it is investing in KAEC's Industrial Valley in order to boost its production capacity and expand into global markets, following the company's growth in sales, production and manpower this year.
Industrial Valley is geared towards six industries: food and consumer goods, pharmaceuticals, logistics, plastic industries, construction materials and automotive industries.
To date, 120 national, regional and global corporations have invested in Industrial Valley, 24 of which have already begun production, with 30 others in the process of building their facilities.
Earlier this year, the developer of KAEC said it will speed construction of infrastructure and broaden the range of industries it accommodates as part of efforts to diversify the economy beyond oil, as state finances are under heavy pressure from low oil prices.