Saudi Arabia has become the favorite spot among business investors to start their business. Many companies are investing their money in this Middle Eastern country and helping the nation strengthen its economy.Even a recent report shared by the Saudi Authority mentioned that Saudi has attracted huge investments in the country. Riyadh, the capital of Saudi Arabia emerged as an economic titan and is known to be the most prosperous city. The national GDP of Riyadh is $1,069 Billion which motivates the investors to do business. Even a recent report shared by the Saudi Authority mentioned that Saudi has attracted huge investments in the country.
Recently, the Saudi Authority released the annual report of 2023 for Industrial Cities and Technology Zones (MODON) in which the authority highlighted their significant accomplishments, initiatives, development endeavors and well-known projects focused on establishing sustainable development and luring the attention of both domestic and international investments. Saudi Arabia is looking forward to expanding the business sector within the country and these efforts coincide with the aims outlined in the National Strategy for Industry and Vision 2030.
The report further added that the efforts of MODON made them the achiever of the “Most Attractive Destination for Investments Award”. MODON was honoured with this award in 2023, which is counted as a notable achievement. MODON is acclaimed with this award for successfully luring local and international investments totalling $3.85 billion (SAR 14.45 billion). The recognition is also bestowed upon MODON for promoting the localization of many high-quality investments. Besides, the report also emphasized a substantial rise in both foreign and local investments.
The report also showcased the rise of investments and growth in local and foreign investments. According to the report, there was a 63% rise in new local and foreign investments, with foreign investments witnessing a wonderful 85% growth in comparison to the previous year 2022. Apart from it, MODON has revealed its plans which they made for the 2nd phase of the National Productivity Program. These plans are also aligned with the aims of the “Future Factories Initiative”. In this phase, 239 factories will be evaluated and their transformation plans will be created. The international “Siri” index will be used to determine how much these establishments have embraced applications related to the Fourth Industrial Revolution.
The commitment of MODON to promoting a stimulating industrial environment is prominent in the expansion of developed land areas in its industrial cities, which exceeds 209 million square meters. In addition to 7,946 industrial, logistical, and investment facilities, there were 6,443 factories. In addition, there are now 1,301 ready-built factories. The report displayed the dedication of MODON to establishing model industrial cities and a trustworthy and attractive investment environment. The launch of the Industrial City established in Asir, and MODON Oasis in Yanbu are the best examples. MODON finished around 48 development projects at a cost exceeding SAR 1.3 billion.
Apart from it, to increase services in industrial cities, MODON raised electrical capacity by 724 MVA in many locations including the 3rd industrial cities in Najran, Dammam and Jeddah, Waas Al-Shamal, and Taif. Additionally, the Modon Oasis in Yanbu and the Sudair City for Industry and Businesses received 45,000 cubic metres of drinking water every day.
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