The diversified Saudi Arabian conglomerate Abdul Latif Jameel plans to invest $2 billion over the next five years as part of its growth plans.
Abdul Latif Jameel, the Toyota distributor, has already allocated $500 million to be invested this year in the kingdom.
“Saudi Arabia is an evolving economy and our new investments are based on what we see as continued opportunity and potential for future growth,” chairman and chief executive Abdul Latif Jameel said. “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, offer significant potential for local and international investors.”
The group, which is self financing the expansion, will expand its motor division by increasing its total service capacity for its Toyota related brands. Abdul Latif Jameel Land, a residential property developer, will focus on projects meeting current demand for housing.
The group acquired last year Spanish firm Fotowatio Renewable Ventures, which added 4 gigawatts to its portfolio in Australia, Europe, South America and the Mena region, where it is active in Egypt and Jordan.
The company plans to execute more than 1.5GW of solar photovoltaic projects over the next three years plus new wind project developments.