10 Dhu al-Qi'dah 1445 - 18 May 2024
    
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Eye of Dubai
Business & Money | Monday 8 April, 2024 6:23 am |
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MODON attracts investments worth SAR 14.45B in 2023

The Saudi Authority for Industrial Cities and Technology Zones (MODON) issued its annual report for 2023, which reviews the authority’s key achievements, most prominent works, initiatives and development projects to achieve sustainable industrial development and attract local and foreign investments, in line with the objectives of the National Strategy for Industry and Vision 2030.

 

These achievements included MODON receiving the “Most Attractive Destination for Investments Award” in 2023 for attracting local and international investments worth SAR 14.45 billion and localizing a number of qualitative investments.

 

New local and foreign investments increased by 63% to 891, while foreign investments grew by 85% compared to 2022.

MODON’s Major Achievements in 2023

Number of industrial cities

36 (including 6 oases)

Cumulative investments

SAR 415 bln

Number of factories in industrial cities

6,443

Increase in cumulative investments

SAR 14.45 bln

Growth in the volume of cumulative investments

+4%

Growth in the volume of foreign investments

+85%

Growth in the volume of new investments

+63%

Growth in the number of producing factories

+6%

 

MODON revealed the launch of the second phase of the National Productivity Program, in accordance with the objectives of the Future Factories Initiative, by evaluating and setting transformation plans for 239 factories using the international “Siri” index to measure the level of establishments’ adoption of Fourth Industrial Revolution applications.

 

The authority is working during 2024 to evaluate 240 additional factories.

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