MODON signs deal to establish 52 ready-made factories in Jeddah

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

The Saudi Authority for Industrial Cities and Technology Zones (MODON) signed an investment agreement with Osara Real Estate Development, an Omani investment company, to establish 52 ready-made factories in Jeddah Second Industrial City.

The project spans more than 45,000 square meters, the Saudi Press Agency reported.

This first-of-its-kind project, to be developed by the private sector in the GCC, supports MODON’s goals to develop and grow foreign direct investments. It also aims to strengthen strategic partnerships, in line with the national industry strategies under Saudi Arabia's Vision 2030.

MODON stated that the agreement would contribute to empowering entrepreneurship as well as small and medium-sized enterprises, marking a new step in giving the private sector a more prominent role in the industrial development.