MODON attracts SAR 3.34 bln in private sector investments

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

Total investments from the private sector increased by 77% year-on-year (YoY) during Q1 2023 to SAR 3.34 billion, Saudi Authority for Industrial Cities and Technology Zones (MODON) said in a tweet.

The total number of ready-built factories reached 1,191, while the total factories stood at 5,894 in Q1 2023, it added.

The total number of logistics contracts reached 223 during the same period.

Privatized industrial areas grew by 41% to 1.62 million square meters, while industrial contracts rose by 33% to 162. The food industries secured the most contracts in Q1 2023 representing 29%, followed by mining industries (17%), machinery and equipment (15%), chemicals (10%) and medical industries (4%).

The authority added that 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.

Dammam, Sudair and Madinah followed with 19%, 12% and 5%, respectively.

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.