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13-11-22
Riyadh warehouse rentals surge 22 percent in Q3
(MENAFN) Saudi capital Riyadh registered a 22 percent expansion in yearly warehouse rental levels at the end of the July-September period of this year, as the nation is experiencing a robust request for high-quality as well as specialized facilities, showed that the most recent data from worldwide property consultant Knight Frank.
This comes as Saudi Arabia is witnessing surging actions in the manufacturing as well as logistics industries before the nation’s push to develop a domestic center as part of its plan to expand its economy away from the oil industry.
“The manufacturing sector is fast emerging as a key pillar in the government’s industrial strategy, now accounting for 8.3 percent of GDP (Gross Domestic Product). The government-led incentives to boost domestic production of goods is attracting local and international investors, as well as boosting overall activity in this subsector,” as stated by Faisal Durrani, partner – chief of Middle East Research at Knight Frank.
He also mentioned that “Separately, the pandemic fueled a boom in online retailing which is fueling an ongoing buoyancy in warehousing requirements. And in Saudi, the same trend has taken hold, with a 90 percent increase in online shopping volumes/values over the last 12 months.”
MENAFN13112022000045014228ID1105173810
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