RIYADH: The Saudi Authority for Industrial Cities and Technology Zones, also known as MODON, has taken steps to boost national products by signing two memorandums of understanding.
MODON signed the agreements with the Saudi Export Development Authority and the Local Content and Government Procurement Authority in the second edition of the “Made in Saudi” exhibition, which kicked off on Oct. 16 under the theme “Saudi Craftsmanship.”
According to the Saudi Press Agency, the MODON-LCGPA MoU focuses on integrating industrial cities to develop local content and encourage innovation.
It also aims to establish incentive programs for the industrial partner and agreements to localize industry and transfer knowledge.
Similarly, the MODON-SEDA deal is a collaboration agreement to exchange capabilities and shared experiences in managing industrial cities.
It also entails providing logistical services to develop non-oil exports.
MODON has been developing and managing fully integrated industrial lands besides supporting new projects and expanding the existing ones.
In June, the authority announced that it issued 203 industrial contracts in the second quarter of 2023, reflecting a 23 percent increase compared to the year-ago period. Industrial lands annually grew 100 percent to 1.62 million sq. meters in the corresponding timeframe.
Among the industries, the food sector secured the most contracts in the second quarter, representing 17 percent, followed by the mining sector at 9 percent.
MODON also added that Jeddah was allocated the most number of contracts at 58, comprising 29 percent of the overall agreements in the second quarter.
Al-Kharj, located southeast of Riyadh, received 13 percent of total agreements, comprising 27 deals.
Saudi Arabia’s historical region Sudair came next at 13 percent and 26 contracts, followed by Dammam and Madinah regions, which stood at 7 percent and 14 deals.
During the second quarter, MODON also announced that 1,226 foreign investment deals came from 67 countries, mainly Egypt, Jordan, India, the US and the UK.