Panattoni announces its expansion into the Middle East with the launch of an operation in Saudi Arabia. The company’s initial focus is on three of the largest Saudi Arabian cities: Riyadh, Jeddah and Dammam. The move marks a milestone for Panattoni in its ambition to capitalise on emerging opportunities in key global markets in the Middle East and Asia.
The new operation will be based in Riyadh, where Panattoni is in the process of seeking office space. It will be headed by Daniele Sotti, managing director, Saudi Arabia, and Ali Chamoun, development director.
Panattoni’s entry into Saudi Arabia comes at a time of rapid transformation in the region. A pillar of the Vision 2030 plan is to maximize the benefit that comes with the Kingdom’s strategic geographical location, by transforming it into the go-to logistics hub for the region, capable of efficiently linking trade across the continents of Asia, Europe and Africa.
“Entering the Saudi Arabian market represents an exciting opportunity for Panattoni to contribute to the country’s thriving economy and support its vision for sustainable development. The Kingdom’s logistics sector is experiencing a supply-demand imbalance, as evidenced by the strong levels of occupancy and rental growth. The strong demand for space is being driven by the government’s Vision 2030 plan and its initiatives to diversify away from an oil-reliant economy and to become the main logistics hub of the Middle East and North Africa region.” – Robert Dobrzycki, CEO & co-owner of Panattoni Europe, UK, Middle East and India.
