Saudi Authority MODON Reports Surge in Industrial Investments

Saudi Arabia's industrial sector is experiencing a significant surge in private sector investments, with figures more than doubling in the first quarter of 2024, exceeding SR7 billion ($1.8 billion). This substantial increase, as reported by the Saudi Authority for Industrial Cities and Technology Zones (MODON), marks a notable growth from the previous year. The number of constructed factories also saw a rise, reaching 6,683 compared to 5,894 in the same period last year. Logistics contracts surged to 367, up from 223, while industrial contracts nearly doubled to 276 by the end of March.

Leading in contract issuance were Jeddah Third Industrial City, Al Kharj Industrial City, Sudair Industrial and Business City, Dammam Third Industrial City, and Dammam Second Industrial City. The report highlighted the rigorous oversight by MODON, with 1,867 regulatory visits conducted in industrial cities during the first quarter. Food industries secured the highest number of contracts at 24%, followed by mining, rubber products industries, chemicals, and electrical equipment.

The Kingdom's commitment to the 'Food Industry Localization' initiative is evident, with 1,300 food factories operating in the country. MODON's upcoming participation in the Saudi Food Manufacturing Show, under the patronage of Minister of Industry and Mineral Resources Bandar Al-Khorayef, aims to showcase its offerings to investors, SMEs, and entrepreneurs. The event, scheduled from April 30 to May 2, will host global participants and provide a platform for the latest in food industry services, products, and solutions.