Investment Agreements to Boost Industrial Growth in Saudi Arabia
In a move that will bring growth and job opportunities to Saudi Arabia’s cities of Makkah and Al-Kharj, agreements to invest over SR2 billion ($533 million) in new industrial complexes have been signed, aligning with Vision 2030.
Signing Ceremony Under the Patronage of Minister Alkhorayef
The Saudi Authority for Industrial Cities and Technology Zones, MODON, inked two contracts with Albaddad Holding to establish complexes within the second industrial cities in Makkah and Al-Kharj. The signing ceremony took place under the patronage of the Saudi Minister of Industry and Mineral Resources, Bandar Alkhorayef.
Creating Fully Integrated Industrial Complexes
Under the agreements, Albaddad Holding will be responsible for developing the infrastructure and constructing ready-made and prefabricated buildings to support industrial objectives. This initiative aims to improve production efficiency, enhance added value, and provide sustainable growth opportunities.
Driving Industrial Growth in Saudi Arabia
MODON’s CEO, Majed Rafed Al-Argoubi, and Albaddad Holding’s CEO, Zayed bin Hussein Al-Baddad, signed the contracts in the presence of the company’s chairman, Al-Fateen bin Hussein Al-Baddad. This effort supports MODON’s vision to be the preferred destination for investment growth and a leading partner for industrial and technology ecosystems.
Promoting National Economic Development
The projects in Makkah and Al-Kharj align with the goals of Saudi Arabia’s National Industrial Strategy and Vision 2030, aiming to transform the Kingdom into a leading industrial powerhouse. The Makkah project, MODON’s first privately developed complex, will span over 1.3 million sq. meters with an investment of SR1.75 billion.
Creating Jobs and Boosting Exports
The project in Makkah aims to localize promising industries, create 5,000 jobs, and boost national exports. The Al-Kharj industrial complex, spanning over 307,000 sq. meters with an investment of SR375 million, is expected to create approximately 1,000 jobs and enhance various industries.
Driving Industrial Growth in the Kingdom
Through these efforts, MODON is driving industrial growth in Saudi Arabia by developing and managing distinguished industrial cities and technology zones in collaboration with the public and private sectors. Currently, the developed land area across 37 industrial cities in the Kingdom exceeds 215 million sq. meters, housing approximately 6,882 industrial facilities.