Earlier this month, Abdul Latif Jameel announced that it had begun to implement plans to invest over US$ 2bn in the country over the next five years, with US$ 0.5bn already earmarked for 2016.
This series of new, self-funded investments is part of the businesses’ long-term expansion plans in the Saudi Arabian market, and its contribution to the growth of the local economy, across a range of industries aligned with Saudi Government economic vision. Saudi Arabia is an evolving economy and these new investments are based on what we see as continued opportunities and potential for future growth.
These latest investments are expected to create thousands of new jobs in Saudi Arabia, across the automotive, real estate, logistics and financial services sectors.
Abdul Latif Jameel Motors will also be expanding its network into new cities, increasing the number of customer contact locations and increasing its total service capacity for its Toyota related brands to around 2 million units. New auto-logistics centers will also be developed, in addition to upgrading existing retail and service facilities.
“ The economy today is going through a remarkable transition, with a range of diversification initiatives being implemented by the government. This, along with a dynamic consumer market and a growing population, offers significant potential for local and international investors.”
Mohammed Abdul Latif Jameel,
Chairman and Chief Executive Officer, Abdul Latif Jameel
Investments will also be made through Abdul Latif Jameel’s real estate division, Abdul Latif Jameel Land, a residential property developer in Saudi Arabia that focuses on projects designed to meet the country’s growing demand for contemporary housing.
These investments are a reflection of the Company’s proven track record of investing for growth. In 2014, Abdul Latif Jameel increased its focus forming Abdul Latif Jameel Investments – a dedicated and well-resourced venture to identify opportunities and drive investment in Saudi Arabia – accelerating diversification and business growth, while contributing to the economic development of the country.
Building Diversification from Strength
Building on our heritage, Abdul Latif Jameel Investments already has a number of established businesses in the automotive sector offering products and services, including multi-brand pre-owned vehicles, accessorization and personalization services; mobility solutions for the disabled; oil and lubricants manufacture and distribution; collision repair and vehicle conversion and telematics and fleet management solutions.
Less directly related are a leading national outdoor media and signage company, and – a natural choice given our proven logistics network – our partnership with FedEx.