Saudi Industrial Sector Sees Massive Surge in Private Investments
In a groundbreaking development, private sector investments in Saudi Arabia’s industrial field more than doubled in the first quarter of 2024, surpassing SR7 billion ($1.8 billion), as per official data released by the Saudi Authority for Industrial Cities and Technology Zones, also known as MODON.
Record-Breaking Growth in Factory Construction and Logistics Contracts
The report unveiled a remarkable increase in the number of constructed factories, reaching 6,683 in the first three months of 2024 compared to 5,894 in the same period last year. Additionally, the total number of logistics contracts surged to 367, up from 223 in the first quarter of 2023.
Industrial Contracts Skyrocket, Jeddah Leads the Way
The report also highlighted a significant growth in industrial contracts, with 276 agreements issued by the end of March, nearly doubling the figures from the first three months of 2023. Jeddah Third Industrial City led in contract issuance with 76 agreements, showcasing the city’s robust industrial growth.
Food Industries Dominate Sectoral Distribution
In terms of sectoral distribution, food industries secured the highest number of contracts in the first quarter of 2024, constituting 24 percent of the total. This underscores the Kingdom’s commitment to enhancing productivity, local production, and quality through initiatives like the “Food Industry Localization” initiative.
MODON Gears Up for Saudi Food Manufacturing Show
As MODON prepares to engage as a strategic partner in the inaugural Saudi Food Manufacturing Show, scheduled from April 30 to May 2 at Riyadh Front, the event is set to showcase the latest products, services, and solutions for the food industry. With 500 participants expected from around the globe, the show will provide a vital platform for industry leaders, investors, and experts to explore the latest trends and innovations in the food sector.