Riyadh
The Saudi Authority for Industrial Cities and Technology Zones, commonly known as “MODON,” has released its annual report for the year 2023, showcasing significant achievements in attracting both local and foreign investments, aligning with the national industrial strategy and the ambitious Vision 2030.
The cumulative investments in the year 2023 saw an impressive increase totaling 14.45 billion riyals, marking a 63% rise from the previous year, with 891 new local and foreign investments. Foreign investments alone surged by 85% compared to 2022, establishing MODON as the top government entity in attracting investments. This achievement was further recognized as MODON received the award for the highest government entity in drawing investments under the National Industrial Development and Logistics Program (NIDLP).
In its continued effort to develop a stimulating industrial environment, MODON has expanded the developed land in industrial cities to over 209 million square meters. The number of factories reached 6,443, and the total number of industrial, logistical, and investment facilities rose to 7,946, with 1,301 ready units and factories.
Further enhancing its role in fostering a conducive investment climate, MODON inaugurated new industrial oases in Yanbu and the Aseer Industrial City. It also completed 48 developmental projects, costing over 1.3 billion riyals. Additionally, 260 ready factories were implemented in several industrial cities including Riyadh, Jeddah, Dammam, Qassim, and Jazan, with 70% participation from the private sector.
These initiatives are part of MODON’s ongoing commitment to support the pillars of industrial growth and position Saudi Arabia as a leading industrial power and a global logistics hub.
*About MODON:*
The Saudi Authority for Industrial Cities and Technology Zones (MODON) was established to develop integrated industrial landscapes in Saudi Arabia. MODON is responsible for developing industrial cities with integrated logistics and services and overseeing industrial lands and cities that include ready factories and worker residential complexes.
