The Saudi Authority for Industrial Cities and Technology Zones “Modon” signed several investment contracts worth more than SAR500 million in partnership with the public and private sectors during its participation in the “Cityscape Global” exhibition, hosted in Riyadh from September 10-13, 2023, under the theme “The Future of Living”.
Investment contracts included signing three contracts providing development, management, and supervision services in 13 industrial cities in cooperation with the company “Jasara” with a value of SAR131 million, contributing to enhancing local content. Modon signed the first agreement with the Tourism Development Fund to develop tourism projects to enable the concepts of quality of life and the consolidation of sustainable development in industrial cities.
Another investment contract was signed with “Areic” company, in which the agreement aims to develop and operate 108 ready factories with investments of SAR100 million on an area of 100,000 square meters in Modon’s Oasis in Jeddah. Additionally, Modon signed a similar contract with “Masic” company to build and develop 172 ready factories with an investment of SAR200 million on 180,000 square meters in Riyadh 3rd on the website and Dammam 3rd on the website industrial cities to facilitate small and medium enterprises and entrepreneurship.
Furthermore, Modon and Shibh AlJazira Contracting Company signed an infrastructure development contract in Makkah’s second industrial city with an area of 1.5 million square meters and investments of
Modon and Shibh Al Jazira Contracting Company signed another contract with (WTTCO) Company to implement a water network in Modon’s oasis in Jeddah with an investment of SAR30 million, which contributes to increasing the efficiency of the industrial environment and enhances opportunities to attract and localize qualitative investments. A memorandum of understanding was signed with the “Daman Projects” company to develop and operate customized ready units, enable third-party logistics (3PL) to establish specialized industrial communities, and facilitate licensing procedures for post-rental services.
The Executive Vice President of Modon for Business Development, Eng. Ali Al-Omeir, [Alomeir] said: “Modon operates according to an integrated strategy to create a distinct industrial environment and develop national and foreign investments with added value, consistent with its role to achieve national aspirations to make the Kingdom a leading industrial force, and a global logistics platform in partnership with the public and private sectors.”