MODON attracts SAR 1 bln Chinese direct investments

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

The Saudi Authority for Industrial Cities and Technology Zones (MODON) attracted foreign direct investments worth nearly SAR 1 billion from Chinese companies to its industrial cities around the Kingdom.

MODON's Vice President for Business Development Ali Alomeir said that Chinese investments are mainly concentrated in Al-Kharj Industrial City, Sudair, and Dhurma, in addition to Jeddah's third industrial city and Dammam's second and third industrial cities, on an area of industrial lands of up to one million square meters. He added that those investments provide about 2,500 job opportunities for Saudis and non-Saudis.

Chinese investments in the industrial cities are characterized by great diversity, as there are 11 factories operating in fields such as ceramics, precast concrete, plastics, non-metallic materials, as well as food, paper, and rubber products, and formed metals, in addition to six other factories under construction, according to the official.

He also highlighted the several investment opportunities embraced by the industrial cities, including China's initiatives of Belt and Road, renewable energy, pharmaceuticals, and support for start-ups, which contribute to strengthening future areas of cooperation and developing current investments.

MODON participated with a working paper in the Arab-China Business Conference, which was held in Riyadh on June 11-12, with the aim of showcasing investment opportunities in industrial cities and boosting cooperation in the field of industry, logistics, pharmaceutical industries, and renewable energy.