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Saudi MODON Attracts Investments Worth $34.6 Mn to Localize Aircraft Industries

A view of an exhibit at the World Defense Show 2024 in Riyadh. (Asharq Al-Awsat)
A view of an exhibit at the World Defense Show 2024 in Riyadh. (Asharq Al-Awsat)
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Saudi MODON Attracts Investments Worth $34.6 Mn to Localize Aircraft Industries

A view of an exhibit at the World Defense Show 2024 in Riyadh. (Asharq Al-Awsat)
A view of an exhibit at the World Defense Show 2024 in Riyadh. (Asharq Al-Awsat)

The Saudi Authority for Industrial Cities and Technology Zones (MODON) has attracted investments worth $34.6 million to localize military aircraft industries, including drones, and provide repair, maintenance, and overhaul services for ships.

The investment is one of the authority’s objectives to promote investment opportunities in industrial cities among major local and international companies.

MODON signed two contracts to allocate two ready-made factories with an area of 700 square meters and investments of $13.3 million in manufacturing military aircraft, parts and pieces of military and civil aircraft, and drones.

It concluded a contract to allocate a logistics land area of 3,000 square meters and investments of $8 million for ship repair and maintenance.

The contract also stipulates repair, maintenance, and overhaul services for spare parts for military vehicles, aircraft, ships, water filtration devices, ship and train engines, and valves.

MODON participated in a pavilion in the second edition of the World Defense Show 2024, held in Riyadh between February 4 and 8.

The event was held under the patronage of the Custodian of the Two Holy Mosques, King Salman bin Abdulaziz, to represent the industrial sector and highlight the qualitative opportunities, capabilities, and incentives to enable military industries to align with the National Industrial Strategy.

According to MODON, the benefits of investing in its 36 industrial cities throughout the Kingdom include the availability of a labor force, advanced infrastructure, and logistical solutions that help achieve a competitive and sustainable industrial economy.

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Congress to Vote on New Restrictions on US Investment in China

FILE PHOTO: A person sits on a bench near Beijing's Central Business District (CBD), China July 14, 2024. REUTERS/Tingshu Wang/File Photo
FILE PHOTO: A person sits on a bench near Beijing's Central Business District (CBD), China July 14, 2024. REUTERS/Tingshu Wang/File Photo
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Congress to Vote on New Restrictions on US Investment in China

FILE PHOTO: A person sits on a bench near Beijing's Central Business District (CBD), China July 14, 2024. REUTERS/Tingshu Wang/File Photo
FILE PHOTO: A person sits on a bench near Beijing's Central Business District (CBD), China July 14, 2024. REUTERS/Tingshu Wang/File Photo

Congress is set to vote in the coming days on legislation restricting US investments in China as part of a bill to fund government operations through mid-March, lawmakers said late on Tuesday.
In October, the Treasury finalized rules effective Jan. 2 that will limit US investments in artificial intelligence and other technology sectors in China that could threaten US national security.
The bill expands on those restrictions and also includes other provisions aimed at concerns about China, including a requirement to study national security risks posed by Chinese-made consumer routers and modems and mandate reviews of Chinese real estate purchases near additional national security sensitive sites.
"China is an economic adversary and we must take bold action to safeguard our future against the Chinese Communist Party," Reuters quoted Senator Bob Casey, a Democrat, as saying.

"This legislation takes bold action to restrict US investments to stop our national security technology from getting into the hands of our adversaries before they can use it against us.”
The Chinese Embassy in Washington did not immediately comment.
The bill will also require the Federal Communications Commission to publish a list of every entity that both holds an FCC license or authorization and has any ownership by foreign adversarial governments, including China to ensure the commission "knows when telecommunications and technology companies have a connection and foreign adversary."
Washington is moving on a number of fronts to further restrict Chinese products.
An annual defense bill could ban China-based DJI and Autel Robotics from selling new drones in the United States market, while the Commerce Department is working to finalize rules in the coming weeks that would bar Chinese automakers from selling vehicles in the United States and bar China Telecom from US operations.
Lawmakers have criticized major American index providers for directing billions of dollars from US investors into stocks of Chinese companies that the US believes are facilitating the development of China’s military.
The Treasury rules and legislation cover semiconductors and microelectronics, quantum information technologies and certain AI systems aimed at preventing investments in Chinese technologies like cutting-edge code-breaking computer systems or next-generation fighter jets.
Representative Rosa DeLauro, the top Democrat on the House Appropriations Committee, said "for years I have watched American dollars and intellectual property fuel the Chinese Community Party's technology and capabilities... This legislation builds on the regulations put into place this year by the Biden Administration, and sets the stage for continued bipartisan efforts to protect and rebuild our critical national capabilities."
The outbound legislation covers technologies listed in the Treasury order and adds additional AI models that use some semiconductors, AI systems designed for exclusive military or government surveillance end use, hypersonic systems and additional export-controlled technologies.