The Saudi Authority for Industrial Cities and Technology Zones (MODON) launched new financing solutions in partnership with the private sector, to increase access to financing for entrepreneurs and owners of small and medium enterprises in the industrial sector.
MODON signed a memorandum of understanding with Sukuk Capital to provide dynamic, competitive and comprehensive financing solutions that enable factories to achieve targeted growth and create an attractive environment for industrial investments.
The agreement was signed by Eng. Majed Al-Argoubi, CEO of MODON, and Eng. Abdulaziz Al-Sayyari, CEO of Sukuk Capital, in the presence of a number of officials.
In a statement, Al-Argoubi said that the partnership comes within the framework of MODON’s initiatives to boost the financial sustainability and stability of the private sector, and to provide technical assistance programs for entrepreneurs and owners of SMEs, as one of the main levers of support for the national economy.
He indicated that these solutions aim to stimulate the productivity of factories, create economic opportunities, and direct young energies towards innovative projects, by adopting advanced solutions based on credit studies that effectively assist in risk management and cost reduction operations.
According to the MoU, MODON’s partners benefit from various financial solutions with flexible payment schedules that contribute to increasing collection efficiency.
Through its electronic platform, the authority offers various financing solutions that include working capital financing, long-term capital projects to maximize assets, and operational projects to manage cash flows, while providing financial liquidity for existing projects up to 30 million riyals ($8 million).
MODON offers a number of financing solutions in cooperation with the Saudi Industrial Development Fund and the Social Development Bank, with the aim of supporting small and medium enterprises and entrepreneurship.