Saudi Arabia has been successful in drawing in SAR255 million (equivalent to $68 million) in international investments within the realms of mining and the manufacturing industry.
These financial inflows are a result of contracts for allocation inked by the Saudi Authority for Industrial Cities and Technology Zones (MODON) with two foreign entities from China and Egypt. These companies are gearing up to establish a pair of factories in the industrial hub of Al-Kharj, as reported by the Saudi Press Agency (SPA).
MODON plays a pivotal role in the development of the Kingdom’s industrial sectors, overseeing industrial cities that accommodate a diverse range of manufacturing activities. These include the production of cables, glass, various stones, steel, aluminum sheets, ceramics, concrete mixes, and other construction materials.
The specifics of the companies that will be initiating operations in Saudi Arabia have not been disclosed. However, one of them has plans to launch a facility dedicated to the production of primary iron products, covering an extensive area of 58,800 square kilometers. In parallel, the other firm is setting its sights on establishing a site for fabricating marble and granite tiles spanning 28,747 square kilometers.
A noticeable uptick of 4.3% was observed in the number of mining and manufacturing facilities established in Saudi Arabia in 2023, with MODON at the helm.
Significantly, these new plants have primarily taken root in the industrial cities distributed across Riyadh, Jeddah, Dammam, and Al-Kharj.