Monday 20 May 2024

Saudi Modon attracts $3.8bn industrial investments in 2023

RIYADH, April 8, 2024

Saudi Authority for Industrial Cities and Technology Zones (Modon) has announced significant progress in attracting industrial and logistical investments for 2023 which hit SAR14.45 billion ($3.85 billion). 
Releasing its annual report for 2023, Modon highlighted the significant progress in attracting investments, developing industrial infrastructure, and promoting sustainable industrial growth, all in line with the aspirations of Saudi Vision 2030.
According to the report, the new investments surged by 63%, with 891 local and foreign investments secured. Notably, foreign investments grew by 85% over 2022, it stated.
For successfully attracting the most investments among other government agencies, Modon earned the National Industrial Development and Logistics Program (NIDLP) Award. It received 34 other local, regional, and international awards, solidifying its leading position in industrial and sustainable development, it added.
The report stated that Modon's commitment to fostering a stimulating industrial environment is evident in the expansion of developed land area in its industrial cities, which exceeds 209 million sq m. 
The number of factories rose to 6,443, alongside 7,946 industrial, logistical, and investment facilities. Furthermore, the number of ready-built factories increased to 1,301.
The report outlines Modon's dedication to developing model industrial cities and an attractive investment environment. This is exemplified by the launch of the Modon Oasis in Yanbu and the Industrial City in Asir. 
According to industry experts, Modon had completed 48 development projects at a cost exceeding SAR1.3 billion.
To enhance services in the industrial cities, Modon increased electrical capacity by 724 MVA in several locations, including the third industrial cities in Dammam and Jeddah, Taif, Waad Al Shamal and Najran, they stated. 
Additionally, 45,000 cu m of drinking water per day were added to the Sudair City for Industry and Businesses and the Modon Oasis in Yanbu. 
Sanitary and industrial sewage services were launched in Sudair City for Industry and Business and Industrial City in Madinah, with a capacity of 15,000 cu m per day.
The report also details Modon's focus on driving industrial transformation. 
The authority launched the second phase of the National Productivity Program, aligned with the Future Factories Initiative, which evaluates and comes up with transformation plans for factories using the international Smart Industry Readiness Index (SIRI) to assess their adoption of Fourth Industrial Revolution applications. 
In 2023, 239 factories underwent this evaluation, with plans to assess an additional 240 in 2024.
The report emphasises Modon's commitment to digitalisation. The authority achieved an 89.9% compliance score with basic cybersecurity controls, conducted 1.3 million data exchanges with other parties, and transferred over 24,000 contracts to its electronic system. 
Its dedication is reflected in its 85.7% adherence to digital governance standards, a key aspect of its digital transformation plans.
Established in 2001, Modon currently supervises 36 industrial cities, including six industrial oases, across the kingdom. This responsibility extends to overseeing private industrial complexes and cities as well.-TradeArabia News Service


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