MODON says investments lured from private sector up 23% to SAR 2.8 bln in Q2

Logo of The Saudi Authority for Industrial Cities and Technology Zones (MODON)

The Saudi Authority for Industrial Cities and Technology Zones (MODON) announced that the total investments attracted from the private sector increased by 23% year-on-year to SAR 2.77 billion in the second quarter of 2023. 

The total number of factories amounted to 6,055 in Q2 2023, and the total number of ready-built factories reached 1,263, MODON said in a tweet.  

The total number of industrial contracts attracted hit 203 during the three-month period. 

Privatized industrial areas grew by 100% to 1.62 million square meters, the authority said. Food and beverages industries secured the most contracts in Q2 2023, representing 17%, followed by mining industries (9%), chemicals and rubber (6% each), and machinery and equipment (5%). 

The authority added that the most privatized cities during the three-month period was Jeddah 3rd Industrial City, with 29% and 58 contracts, followed by Al-Kharj at 13% and 27 contracts. 

A total of 1,226 foreign investments were attracted from 67 countries in Q2 2023, mainly Egypt, Jordan, India, the US, and the UK, MODON noted. 

As many as 1,115 foreign investments came from 68 countries during the first quarter, most notably frm Egypt, Jordan, India, the United States and the United Kingdom, MODON said