MODON expands duration of new logistics contracts to 50 years

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

Saudi Authority for Industrial Cities and Technical Zones (MODON) announced its support for its partners by raising the duration of new logistics contracts to 50 years, according to specific controls and mechanisms, by integrating the industrial, transport and logistics systems.

On its Twitter account, MODON said that the type of use and the industrial city are two main factors for determining the appropriate period.

Accordingly, this will provide complementary logistics services to the partners in the industrial cities.

Increasing the contracts duration contributes to business stability and attracting quality investments, the authority said. It is also in line with the Vision 2030 goal to make the Kingdom a global logistics center.

On Oct. 13, Minister of Industry and Mineral Resources Bandar Alkhorayef, who is also the Chairman of Saudi Industrial Development Fund (SIDF), announced the expansion of the fund’s product range, Argaam reported.

SIDF signed agreements with the Economic Cities and Special Zones Authority, the Royal Commission for Jubail and Yanbu, and MODON to provide land and loan to the logistics sector.