King Abdullah Economic City, March 27th, 2011 - Emaar, The Economic City (EEC), the Tadawul-listed company developing King Abdullah Economic City (KAEC), announced recently the start of construction of a new manufacturing facility for polypropylene woven fabric at the Industrial Valley in King Abdullah Economic City by Greif Inc, one of the largest manufacturers of industrial packaging products in the world, the announcement was made at an inauguration ceremony attended by Mr. Michael Gasser the Chairman and CEO of Greif, Mr. Fahd Al-Rasheed the Managing Director and CEO of Emaar The Economic City and Mr. Muhanud Helal the Secretary General of the Economic Cities Authority (ECA), and other executives from Greif, EEC, and ECA.

During the ceremony Greif's President and COO Mr. David Fischer received the construction permit from the Economic Cities Authority and announced that the new facility, extending over 188,000sqm, is scheduled to be operational in 2012.

Polypropylene fabrics are a main component used in the production of Flexible Intermediate Bulk Containers (FIBC). Greif, Inc. is a world leader in industrial packaging products and services. The company is strategically positioned in more than 50 countries and serves global as well as regional customers in the Middle East.

Mr. Michael Gasser - Greif Inc Chairman of the Board and CEO said, "We are excited to have our new manufacturing hub located in King Abdullah Economic City Industrial Valley.  The strategic location of KAEC and the availability of efficient port and road connectivity to the local and regional markets offer an array of logistical capabilities and enables huge growth potentials."

KAEC's seaport will be seamlessly linked to the Industrial Valley and thus give its tenants access to over 250 million consumers in Europe, Middle East, North Africa and Asia.

Mr. Fahd Al Rasheed, Managing Director & CEO of Emaar The Economic City (EEC), said "Today represents another significant milestone towards KAEC's vision of being the social, economic enabler of Saudi Arabia.  The new manufacturing facility that Greif will build will create new jobs and will be a major export hub from King Abdullah Economic City to many markets around the world. We are pleased that the first Phase of the Industrial Valley has been fully leased out, and we have started leasing in the second phase. We are proud that Greif is the first tenant to commence construction in the new phase." 

The new factory will be set up through a joint venture with the Saudi-based National Scientific Company (NSC). "Both EEC and ECA Smart Services Center (SSC) made our entry into the Saudi market impressively hassle-free.  When fully operational, we will create many job opportunities. Local talent will be a major part of the global polypropylene fabric manufacturing sector." Commented Mr. Waseem Ijaze - CEO of NSC.   

Al Rasheed commented that, "We have purposely designed the Industrial Valley using the best global standards in master planning because we want to attract global tenants such as Greif.  We also have thoroughly studied the needs of local manufacturers to ensure we meet their needs as well". Al-Rasheed also added, "land plots at the Industrial Valley are fully serviced with electricity, water, sewage network, telecommunications services, paved roads and storm water drain system to prevent flooding."

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© Press Release 2011