Modon partners with Omani firm to develop 52 ready-built factories
RIYADH, November 11, 2024
The Saudi Authority for Industrial Cities and Technology Zones (Modon) has signed an investment agreement with Osara Real Estate Development, an Omani investment company, for the establishment of 52 ready-built factories over more than a 45,000 sq m area in the Second Industrial City of Jeddah.
Announcing the strategic deal, Modon said the project is a first-of-its-kind to be developed by the GCC private sector in the construction and development of ready-built factories in industrial cities.
It aligns with Modon's objectives to develop and grow foreign direct investment, while fostering sustainable strategic partnerships and alliances in line with the goals of the National Strategy for Industry and the aspirations of Saudi Vision 2030, it stated.
According to Modon, the agreement contributes to empowering entrepreneurs and small and medium-sized enterprises (SMEs) and represents a significant step towards plans to grant the private sector a larger role in industrial development.-TradeArabia News Service
