MODON inks four strategic cooperation agreements

The Saudi Authority for Industrial Cities and Technology Zones (MODON) on Wednesday signed four strategic cooperation agreements in the presence of Saudi Crown Prince Mohammed bin Salman, it said in a statement.

The first partnership was concluded with state utility, Saudi Electricity Co. (SEC), aiming to supply and enhance power services in industrial cities through building new transmission substations.

The second one was inked with Social Development Bank (SDB) to support small enterprises and develop promising industrial cities across the Kingdom.

SDB will provide finance and various incentives for small enterprises while MODON will contribute pre-fabricated buildings and other related solutions.

Under the third deal, Saudi Industrial Development Fund (SIDF) and King Abdulaziz City for Science and Technology (KACST) will provide finance for factories as part of the Fourth Industrial Revolution (4IR) in industrial cities.

The deal will help MODON transform 100 factories under 4IR.

The last agreement was signed with General Electric Saudi Arabia to speed up digital industrial capacities and boost factory production.

No further details were mentioned about the value of the deals.

The new agreements were inked as part of the National Industrial Development and Logistics Program (NIDLP), the statement added.