Saudi Arabia’s Rezayat Logistics Group announced that it has signed an agreement with Port of Duqm for investing around US$15mn in setting up a base near the port, which will be used to serve ongoing projects in the area.
In a press statement, the Saudi-based firm explained that it has identified Duqm as an area of interest in 2018. And now, they have decdiced to lease four hectares of land inside Port of Duqm’s logistic hub.
The initial investment of US$15mn will be primarily used in providing services such as temperature-controlled, chilled, frozen and general warehousing, heavy transportation, equipment rental, crane rental, and general transport which will expand its extensive GCC network and fleet.
Commenting on the development, Andrew Ritchie, country manager of Rezayat Logistics Group said, “The selection of Port of Duqm was a natural choice. This modern, strategically located, and well-equipped port is a critical piece of infrastructure and key to the success of the region’s development.”
He said, “We are proud to support Port of Duqm with our business. Over the last few decades, Rezayat Logistics Group have been a trusted partner in the growth of the oil, gas and energy sectors in the GCC and is looking forward to be a part of the successes that will undoubtedly follow in the Duqm region.”
Rezayat Logistics Group is a Saudi based, closely held family owned business group serving the international energy sector since 1949. The group employs over 20,000 people in 24 countries with a mix of wholly owned business units and strategic joint ventures.
The group is active in diverse sectors such as logistics and equipment rental, engineering and construction, trading, manufacturing, hotels and hospitality, marine services, energy and water management, insurance and investment, and information technology and telecommunications.