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Saudi Arabia's MODON Attracts SAR14.45 Bln in Industrial, Logistical Investment in 2023

Saudi Arabia's MODON Attracts SAR14.45 Bln in Industrial, Logistical Investment in 2023
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Saudi Arabia's MODON Attracts SAR14.45 Bln in Industrial, Logistical Investment in 2023

Saudi Arabia's MODON Attracts SAR14.45 Bln in Industrial, Logistical Investment in 2023

The Saudi Authority for Industrial Cities and Technology Zones (MODON) released its annual report for 2023, highlighting significant progress in attracting investments, developing industrial infrastructure, and promoting sustainable industrial growth, all in line with the aspirations of Saudi Vision 2030, reported the Saudi Press Agency on Monday.

The report details a SAR14.45 billion increase in cumulative investments during 2023. New investments surged by 63%, with 891 local and foreign investments secured. Notably, foreign investments grew by 85% over 2022.

For successfully attracting the most investments among other government agencies, MODON earned the National Industrial Development and Logistics Program (NIDLP) Award. It received 34 other local, regional, and international awards, solidifying its leading position in industrial and sustainable development.

MODON's commitment to fostering a stimulating industrial environment is evident in the expansion of developed land area in its industrial cities, which exceeds 209 million square meters. The number of factories rose to 6,443, alongside 7,946 industrial, logistical, and investment facilities. Furthermore, the number of ready-built factories increased to 1,301.

The report outlines MODON's dedication to developing model industrial cities and an attractive investment environment. This is exemplified by the launch of the MODON Oasis in Yanbu and the Industrial City in Asir. Moreover, MODON completed 48 development projects at a cost exceeding SAR1.3 billion.

To boost services in industrial cities, MODON increased electrical capacity by 724 MVA in several locations, including the third industrial cities in Dammam and Jeddah, Taif, Waad Al-Shamal, and Najran. Additionally, 45,000 cubic meters of drinking water per day were added to the Sudair City for Industry and Businesses and the Modon Oasis in Yanbu.

Sanitary and industrial sewage services were launched in Sudair City for Industry and Business and the Industrial City in Madinah, with a capacity of 15,000 cubic meters per day.

The report also details MODON's focus on driving industrial transformation. The authority launched the second phase of the National Productivity Program, aligned with the Future Factories Initiative, which evaluates and comes up with transformation plans for factories using the international Smart Industry Readiness Index (SIRI) to assess their adoption of Fourth Industrial Revolution applications. In 2023, 239 factories underwent this evaluation, with plans to assess an additional 240 in 2024.

The report emphasizes MODON's commitment to digitalization. The authority achieved an 89.9% compliance score with basic cybersecurity controls, conducted 1.3 million data exchanges with other parties, and transferred over 24,000 contracts to its electronic system. Its dedication is reflected in its 85.77% adherence to digital governance standards, a key aspect of its digital transformation plans.

Established in 2001, MODON currently supervises 36 industrial cities, including six industrial oases, across Saudi Arabia. This responsibility extends to overseeing private industrial complexes and cities as well.

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Business

Iraq in Talks with Gulf States on Pipeline Exports beyond Hormuz

Workers carry out maintenance on a pipeline at a gas separation station in the Zubair oil field near Basra (AP). 
Workers carry out maintenance on a pipeline at a gas separation station in the Zubair oil field near Basra (AP). 
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Iraq in Talks with Gulf States on Pipeline Exports beyond Hormuz

Workers carry out maintenance on a pipeline at a gas separation station in the Zubair oil field near Basra (AP). 
Workers carry out maintenance on a pipeline at a gas separation station in the Zubair oil field near Basra (AP). 

Iraq is in talks with Gulf countries to use their pipeline networks to secure alternative oil export routes beyond the Strait of Hormuz, the state oil marketer SOMO said Thursday.

The move is part of an emergency strategy by the oil ministry to tap regional infrastructure and bypass maritime chokepoints, ensuring Iraqi crude continues to reach global markets while offsetting higher transport costs linked to the current crisis.

Ali Nizar al-Shatari, head of the State Organization for Marketing of Oil (SOMO), said the ministry is prioritizing negotiations to access Gulf pipeline systems extending beyond the Strait of Hormuz and into the Arabian Sea, allowing exports to avoid areas of military tension.

“The goal is to secure stable routes that guarantee efficient flows of Iraqi oil at lower transport costs,” Shatari said, adding that Iraq generated about $2 billion in oil revenues in March, up 28 percent from February.

He said SOMO exported around 18 million barrels of crude from Basra, Kirkuk and the Kurdistan region by using all available outlets, including southern ports that operated until early March and northern routes to Türkiye’s Mediterranean port of Ceyhan.

As part of efforts to diversify export options, Shatari revealed that the first shipments of fuel oil and Basra Medium crude successfully reached Syrian ports.

He noted that Iraq had signed a deal to export 50,000 barrels per day via this route, describing cooperation with Syria as “very significant,” with storage and security provided to ensure safe delivery to the port of Baniyas.

The route has proven effective and could become a permanent option after the crisis, he added.

Shatari further noted that the oil ministry is close to completing repairs on the Iraq-Türkiye pipeline, which suffered extensive damage in previous years.

Technical teams have inspected the most difficult terrain, with about 200 kilometers (125 miles) still to be assessed in the coming days before full pumping of Kirkuk crude resumes.

In a notable logistical move, Iraq has begun pumping Basra crude northwards for export via Ceyhan.

Flows started at 170,000 barrels per day and are expected to stabilize between 200,000 and 250,000 bpd, helping offset disrupted southern exports and supply energy-hungry markets in Europe and the Americas.

Shatari said Iraq has benefited from rising global prices by selling Kirkuk crude — a medium-grade oil — at strong premiums.

He also confirmed the reactivation of an agreement with the Kurdistan region to reuse the pipeline through the region to Ceyhan, helping lift total exports to 18 million barrels in March.

This came despite a drop in production in Kurdistan fields to about 200,000 bpd due to security threats, he added.

 

 

Business

World Food Prices Rose in March as Iran War Lifted Energy Costs, FAO Says

A farmer carries harvested rice at a paddy field in Samahani, Aceh province on April 2, 2026. (AFP)
A farmer carries harvested rice at a paddy field in Samahani, Aceh province on April 2, 2026. (AFP)
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World Food Prices Rose in March as Iran War Lifted Energy Costs, FAO Says

A farmer carries harvested rice at a paddy field in Samahani, Aceh province on April 2, 2026. (AFP)
A farmer carries harvested rice at a paddy field in Samahani, Aceh province on April 2, 2026. (AFP)

The war in the Middle East has pushed food commodity prices higher due to higher energy and fertilizer costs, the UN's food agency said Friday. 

The UN's Food and Agriculture Organization (FAO) said its Food Price Index, which measures the monthly changes in international prices of a basket of food commodities, had increased 2.4 percent in March from February. 

It was the second rise in a row, which the agency said was largely due to higher energy prices linked to conflict in the Middle East. 

Within the index, the category of vegetable oil saw the sharpest rise, of 5.1 percent over February, as palm oil prices reached their highest point since the middle of 2022, due to effects from spiking crude oil prices, FAO said. 

However, a "broadly comfortable" supply of cereal has cushioned the damaged from the conflict, FAO said. 

"Price rises since the conflict began have been modest, driven mainly by higher oil prices and cushioned by ample global cereal supplies," said FAO Chief Economist Maximo Torero in a statement. 

But he warned that if the conflict goes on beyond 40 days and the high prices on fertilizer continue, "farmers will have to choose: farm the same with fewer inputs, plant less, or switch to less intensive fertilizer crops". 

"Those choices will hit future yields and shape our food supply and commodity prices for the rest of this year and all of the next." 

Disruptions to production and supply chain routes had also introduced "additional uncertainty" into the outlook for wheat and maize, FAO found. 

Business

Turkish Inflation Near 2% Monthly in March, Below Forecasts

A full moon rises behind Galata Tower, in Istanbul, Türkiye, Thursday, April 2, 2026. (AP)
A full moon rises behind Galata Tower, in Istanbul, Türkiye, Thursday, April 2, 2026. (AP)
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Turkish Inflation Near 2% Monthly in March, Below Forecasts

A full moon rises behind Galata Tower, in Istanbul, Türkiye, Thursday, April 2, 2026. (AP)
A full moon rises behind Galata Tower, in Istanbul, Türkiye, Thursday, April 2, 2026. (AP)

Turkish consumer price inflation was 1.94% month-on-month in March, while the annual figure fell to 30.87%, data from the Turkish Statistical Institute showed ‌on Friday.

In ‌a Reuters ‌poll, ⁠monthly inflation was ⁠forecast to be 2.32%, with the annual rate seen at 31.4%, driven by ⁠a rise in ‌fuel prices ‌and weather-related pressures ‌on food inflation.

In ‌February, consumer prices rose 2.96% month-on-month and 31.53% year-on-year, broadly in ‌line with estimates and reinforcing expectations that ⁠the ⁠disinflation process may be stalling.

The data also showed the domestic producer index rose 2.30% month-on-month in March for an annual increase of 28.08%.