عربي English Türkçe اردو فارسى
Logo
Latest News
Business

Modon Houses 23 Renewable Energy Factories in Saudi Arabia

A solar plant is seen in Uyayna, north of Riyadh, Saudi Arabia. (Reuters)
A solar plant is seen in Uyayna, north of Riyadh, Saudi Arabia. (Reuters)
TT
TT

Modon Houses 23 Renewable Energy Factories in Saudi Arabia

A solar plant is seen in Uyayna, north of Riyadh, Saudi Arabia. (Reuters)
A solar plant is seen in Uyayna, north of Riyadh, Saudi Arabia. (Reuters)

Saudi Authority for Industrial Cities and Technology Zones (Modon) announced that it houses 23 factories to support renewable energy supply chains in the Kingdom, including solar energy panels and systems.

Modon CEO Khalid al-Salem said the Authority supports the renewable energy sector by empowering supply chains and localizing its main components because it is one of the strategic sectors with added value to the national economy.

He added that Modon seeks to attract relevant industrial investments that contribute to realizing Vision 2030 targets and support the Initiative of Custodian of the Two Holy Mosques for Renewable Energy to reach the perfect energy mix in the Kingdom.

The total area of the factories spans 360,000 square meters in 12 industrial cities, Salem was quoted as saying by the Saudi Press Agency (SPA).

Salem explained that products include solar cells, slim panels for generating solar energy, solar energy panels, solar energy systems, indoor and outdoor lighting units, systems for charging batteries of photovoltaic and solar power for lighting.

They also include current converters, data display monitors, metal tripods for generating solar power, and other products that support the supply chains of the renewable energy sector.

Most Viewed

 
 
Business

IMF Approves Third Review of Sri Lanka's $2.9 Bln Bailout

Peter Breuer, Senior Mission Chief for Sri Lanka at the IMF along with Katsiaryna Svirydzenka, Deputy Mission Chief for Sri Lanka at the IMF and Martha Tesfaye Woldemichael, Deputy Mission Chief for Sri Lanka at the IMF, attend a press conference organized by the International Monetary Fund (IMF) in Colombo, Sri Lanka, November 23, 2024. REUTERS/Thilina Kaluthotage
Peter Breuer, Senior Mission Chief for Sri Lanka at the IMF along with Katsiaryna Svirydzenka, Deputy Mission Chief for Sri Lanka at the IMF and Martha Tesfaye Woldemichael, Deputy Mission Chief for Sri Lanka at the IMF, attend a press conference organized by the International Monetary Fund (IMF) in Colombo, Sri Lanka, November 23, 2024. REUTERS/Thilina Kaluthotage
TT
TT

IMF Approves Third Review of Sri Lanka's $2.9 Bln Bailout

Peter Breuer, Senior Mission Chief for Sri Lanka at the IMF along with Katsiaryna Svirydzenka, Deputy Mission Chief for Sri Lanka at the IMF and Martha Tesfaye Woldemichael, Deputy Mission Chief for Sri Lanka at the IMF, attend a press conference organized by the International Monetary Fund (IMF) in Colombo, Sri Lanka, November 23, 2024. REUTERS/Thilina Kaluthotage
Peter Breuer, Senior Mission Chief for Sri Lanka at the IMF along with Katsiaryna Svirydzenka, Deputy Mission Chief for Sri Lanka at the IMF and Martha Tesfaye Woldemichael, Deputy Mission Chief for Sri Lanka at the IMF, attend a press conference organized by the International Monetary Fund (IMF) in Colombo, Sri Lanka, November 23, 2024. REUTERS/Thilina Kaluthotage

The International Monetary Fund (IMF) approved the third review of Sri Lanka's $2.9 billion bailout on Saturday but warned that the economy remains vulnerable.
In a statement, the global lender said it would release about $333 million, bringing total funding to around $1.3 billion, to the crisis-hit South Asian nation. It said signs of an economic recovery were emerging, Reuters reported.
In a note of caution, it said "the critical next steps are to complete the commercial debt restructuring, finalize bilateral agreements with official creditors along the lines of the accord with the Official Creditor Committee and implement the terms of the other agreements. This will help restore Sri Lanka's debt sustainability."
Cash-strapped Sri Lanka plunged into its worst financial crisis in more than seven decades in 2022 with a severe dollar shortage sending inflation soaring to 70%, its currency to record lows and its economy contracting by 7.3% during the worst of the fallout and by 2.3% last year.
"Maintaining macroeconomic stability and restoring debt sustainability are key to securing Sri Lanka's prosperity and require persevering with responsible fiscal policy," the IMF said.
The IMF bailout secured in March last year helped stabilize economic conditions. The rupee has risen 11.3% in recent months and inflation disappeared, with prices falling 0.8% last month.
The island nation's economy is expected to grow 4.4% this year, the first increase in three years, according to the World Bank.
However, Sri Lanka still needs to complete a $12.5 billion debt restructuring with bondholders, which President Anura Kumara Dissanayake aims to finalize in December.
Sri Lanka will enter into individual agreements with bilateral creditors including Japan, China and India needed to complete a $10 billion debt restructuring, Dissanayake said.
He won the presidency in September, and his leftist coalition won a record 159 seats in the 225-member parliament in a general election last week.