MODON attracts SAR 1 bln Chinese direct investments

Posted By: ndeeney

Saudi Authority for Industrial Cities and Technology Zones (MODON) has attracted foreign direct investment by Chinese companies worth nearly SAR 1 billion in its industrial cities around the Kingdom.

MODON’s Vice President for Business Development Ali Al-Omair said that Chinese investments are mainly concentrated in the industrial cities in Al-Kharj, Sudair, and Dhurma, in addition to Jeddah’s third industrial city, 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 products, food products, paper products manufacturing, rubber and plastics 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 Belt and Road infrastructure initiatives, 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.

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