Public Warehousing to implement six projects worth SAR 395 mln

Public Warehousing Co. (PWC), which will list shares on Nomu, is planning six projects on a total area of 882,000 square meters (sqm) at SAR 395 million, the company said in a statement.

The portfolio includes a SAR 36.5 million warehousing project in the King Abdullah Economic City. It is expected to begin operations on Aug. 31, 2019.

The company added that it will commence operations at the Half Moon Bay project, which will cost SAR 3.33 million, by the end of July 2019.

Another project will be set up in Dammam Second Industrial City on a total area of 140,000 sqm. Construction works and operations are scheduled to begin in September 2017 and August 2018, respectively. The project will cost SAR 46.7 million.

Other warehousing facilities will be also established to serve the logistics area in King Fahd International Airport (KFIA).

In Jeddah Second Industrial City, warehousing facilities will be built on 50,000 sqm of land at an estimated cost of SAR 19.4 million.

Elsewhere in the GCC, the company will build 100,000 square-meter warehouses at SAR 39 million in Oman’s Sohar Free Zone to serve Muscat and other neighboring markets. Commercial operations are expected to start on Oct. 31, 2019.

In its prospectus, PWC had earlier said it would use net proceeds of the share sale – excluding offering costs – to partially finance these projects. It will also secure commercial loans after completing the initial public offering.

The warehousing firm has leased plots of land to set up these projects.