Investments in ready-built factories and industrial land plots increased by nearly 200 percent and 21 percent, respectively, in 2020, revealed the Saudi Authority for Industrial Cities and Technology Zones (MODON).
MODON succeeded in raising investments in ready-built factories to more than SAR600 million ($160 million) from SAR200 million ($53 million) in 2019, despite the global economic slowdown due to the COVID-19 pandemic, said MODON’s Director of Marketing and Corporate Communications Qusay al-Abdul Karim.
He indicated that investment in industrial lands saw an increase of more than 21 percent to amount to SAR5.6 billion in 2020 compared to 2019.
Industrial cities in the Kingdom are home for global investments from 50 countries, such as the United States, Germany, France, China, India, the United Arab Emirates, Kuwait, Egypt, Jordan and Algeria.
Since the beginning of the coronavirus pandemic, MODON rushed to activate the emergency response plans prepared in advance to confront emerging crises, Abdul Karim noted.
It also launched a set of initiatives and incentives to reduce the pandemic’s impact on the industrial sector.
According to the official spokesperson, among the most prominent measures taken were exempting leasers from annual rental fees by 25 percent, delaying payment for 90 days for establishments that obtained operating licenses and extending operating licenses until the end of 2020.
Modon offers ready-built factories, spanning 700 and 1,500 square meters, to encourage entrepreneurs as well as small and medium-sized enterprises (SMEs), he noted.
Abdul Karim said 945 ready-build factories, some of which are completed and others under construction, have contributed and are still supporting the national economy during the health crisis.
