Modon upbeat on Gulf Industry Fair
Manama, February 6, 2014
Modon, the Saudi Industrial Property Authority, is upbeat on its maiden appearance at the Gulf Industry Fair in Bahrain.
Marketing officer Yousef A Al Wably said he was surprised how well the exhibition had been organised and happy it held out promise for greater investments into Saudi Arabia.
“We will be back next year but with an entourage of Saudi factories who will be participating under our umbrella,” he said, adding that the Modon-linked participation would include individual investors interested in setting up their ventures in Modon industrial sites in partnership with Gulf businessmen.
Modon set up as many as 703 new projects in its industrial cities last year compared to 450 the previous year.
The authority has also stepped up its drive to develop new industrial cities with a view to bolstering economic growth for both the public and private sectors, diversifying the economy and raising employment levels.
Modon currently oversees enclaves hosting 4,400 factories with an investment of more than SR300 billion ($79.9 billion) and supervises a network of 32 industrial cities occupying a total area of 92.78 million sq m.
The organisation expects its network of cities will grow to 40 within the next five years, with several cities in the planning stage including Salwa, Dhuba, Nawan and Jeddah 4 as well as an enclave that will serve as a hub for military industries.
Modon also plans to build 1,000 ready-made factories throughout Saudi Arabia for owners of small and medium enterprises.
Modon is at Stand 1F31 at the fair, which closes today (Feb 6). - TradeArabia News Service