Saudi Authority for Industrial Cities and Technology Zones (Modon) said it had attracted a total investment of SR3.34 billion ($889 million) from the private sector in Q1, up 77% when compared to the same period last year.
Announcing the tremendous investor response for the first three months of the year, Modon said the total number of ready-built plants hit 1,191, while the total number of factories stood at 5,894.
The total number of logistics contracts reached 223 during the same period, it stated.
Modon said it has emerged as an ideal destination for more than 1,100 foreign investors in the industrial and logistics sector due to its wide range of facilities which are ideal for ready-made factories and one-stop-shop businesses.
During the three month period ended March 31, 2023, Modon had signed six major contracts worth a total of SR1 billion ($266.3 million) covering a range of industries including minerals, energy, food and mining. Of these, two agrements were inked for mining projects, it added.
“Privatized industrial areas grew by 41% to 1.62 million sq m, while industrial contracts for the three months rose to 162, up 33% over last year,” said a company spokesman.
“The food industries secured the most contracts in Q1 representing 29%, followed by mining industries (17%), machinery and equipment (15%), chemicals (10%) and medical industries (4%),” he stated.
According to him, the most privatized cities during the three-month period were Jeddah with 30% and 50 contracts, followed by Al-Kharj at 22% and 36 contracts.
As many as 1,115 foreign investments came from 68 countries during the first quarter, most notably frm Egypt, Jordan, India, the US and the UK,” he added.-TradeArabia News Service