Northern Border Investment Forum Reviews Promising Opportunities

Northern Border Investment Forum “Promising Investment Prospects in the Northern Border Region” (SPA)
Northern Border Investment Forum “Promising Investment Prospects in the Northern Border Region” (SPA)
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Northern Border Investment Forum Reviews Promising Opportunities

Northern Border Investment Forum “Promising Investment Prospects in the Northern Border Region” (SPA)
Northern Border Investment Forum “Promising Investment Prospects in the Northern Border Region” (SPA)

The Northern Borders Investment Forum 2023 reviewed the promising investment opportunities within the Northern Borders Region.

The Forum highlighted the efforts of the Saudi Ministry of Environment, Water, and Agriculture in determining possible regulations and systems for investment and presenting investment opportunities under Vision 2030.

It also addressed the role of relevant authorities in organizing investments in the environment, water, and agriculture to improve the quality of life and their complementary consultative role.

The Forum witnessed a session themed “Promising Investment Prospects in the Northern Border Region,” featuring President of the Arab Tourism Organization Bandar al-Fuhaid, Deputy Minister for Economic Affairs and Privatization at the Ministry of Environment, Water and Agriculture Abdurahman al-Zoghaibi, Executive Vice President of the National Industrial Development Center for Shared Services Khalid al-Humoud, and Assistant Undersecretary of the Investment Development Agency at the Ministry of Investment Ammar al-Taf.

During the session, the participants underscored the pivotal role of the tourism sector in driving economic growth, fostering investment prospects, advancing sustainable and social development, and bolstering initiatives aimed at enhancing the tourism industry within the Northern Borders Region.

Fuhaid pointed out that the Kingdom’s GDP from tourism in 2022 will reach four percent, indicating that the country plans to increase it to ten percent by 2030.

He added that the Kingdom is one of the wealthiest countries at the regional and global levels regarding civilizational and cultural heritage.

During a dialogue session, the Forum discussed “Business Councils’ Efforts to Stimulate Investments in the Northern Border Region,” the efforts of business councils in stimulating investments in the region.

They addressed the qualitative leaps of Saudi Arabia in the trade exchange index and efforts harnessed to facilitate trade exchange between countries.

The session touched on the role of business councils operating under the umbrella of the Federation of Saudi Chambers in stimulating investments and supporting investors.

Participants in the dialogue session praised the business councils’ role in strategic achievements and projects, boosting relations, increasing the volume of trade exchange, and developing bilateral investments.

They stressed the importance of such meetings in boosting cooperation under a strong will and a qualitative shift in trade exchange to achieve Vision 2030 and its goals of diversifying incomes and increasing trade exchanges and partnerships in various sectors.

The participants called on all investors to exchange information and experiences through active participation in available projects, activating mechanisms that contribute to developing trade and investment exchange, and joint work mechanisms.

They also reiterated the need to join efforts to create a fertile and stimulating investment environment, create appropriate investment conditions, and hold joint investment events to research and explore promising investment opportunities.

The region directorate and the Federation of Saudi Chambers organized the Northern Borders Investment Forum 2023. It presented more than 157 investment opportunities in the northern border region, with an estimated value of $5.8 billion in various targeted sectors.



Saudi MODON Signs Contract for First Food Factory in Jeddah

Saudi MODON Signs Contract for First Food Factory in Jeddah
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Saudi MODON Signs Contract for First Food Factory in Jeddah

Saudi MODON Signs Contract for First Food Factory in Jeddah

The Saudi Authority for Industrial Cities and Technology Zones (MODON) signed a contract with Nestlé to allocate a 117,000-square-meter industrial plot in the Jeddah Third Industrial City.

The contract aims to establish the first food factory in the Kingdom, scheduled to open in 2025, with an initial investment of SAR270 million to boost local production, reported the Saudi Press Agency on Sunday.

The signing ceremony was held under the patronage and in the presence of Minister of Industry and Mineral Resources Chairman of MODON Bandar bin Ibrahim Al-Khorayef, MODON CEO Eng. Majed Al-Argoubi and Nestlé Saudi Arabia CEO Robert Helou.

In its initial phase, the project will focus on producing baby food and launching an automated production line equipped with the latest packaging technologies operated by qualified national food industry personnel.

The project is expected to create hundreds of direct and indirect jobs during its first phase, with an initial annual production capacity of 15,000 tons.

In line with the National Industrial Strategy, MODON seeks to boost the food industries sector through the food cluster initiative in Jeddah's second and third industrial cities. The food cluster aims to enhance supply chains and promote exports by providing an integrated and supportive environment, which positively impacts the growth and development of the food industry sector in the region.