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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)
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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.

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Moody's Upgrades Saudi Arabia's Credit Rating

Moody's indicated that the rating upgrade and stable outlook are results of the Kingdom's ongoing progress in economic diversification. Reuters
Moody's indicated that the rating upgrade and stable outlook are results of the Kingdom's ongoing progress in economic diversification. Reuters
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Moody's Upgrades Saudi Arabia's Credit Rating

Moody's indicated that the rating upgrade and stable outlook are results of the Kingdom's ongoing progress in economic diversification. Reuters
Moody's indicated that the rating upgrade and stable outlook are results of the Kingdom's ongoing progress in economic diversification. Reuters

The credit rating agency “Moody’s Ratings” upgraded Saudi Arabia’s credit rating to “Aa3” in local and foreign currency, with a “stable” outlook.
The agency indicated in its report that the rating upgrade and stable outlook are results of the Kingdom's ongoing progress in economic diversification and the robust growth of its non-oil sector. Over time, the advancements are expected to reduce Saudi Arabia’s exposure to oil market developments and long-term carbon transition on its economy and public finances.
The agency commended the Kingdom's financial planning within the fiscal space, emphasizing its commitment to prioritizing expenditure and enhancing the spending efficiency. Additionally, the government’s ongoing efforts to utilize available fiscal resources to diversify the economic base through transformative spending were highlighted as instrumental in supporting the sustainable development of the Kingdom's non-oil economy and maintaining a strong fiscal position.
In its report, the agency noted that the planning and commitment underpin its projection of a relatively stable fiscal deficit, which could range between 2%-3% of gross domestic product (GDP).
Moody's expected that the non-oil private-sector GDP of Saudi Arabia will expand by 4-5% in the coming years, positioning it among the highest in the Gulf Cooperation Council (GCC) region, an indication of continued progress in the diversification efforts reducing the Kingdom’s exposure to oil market developments.
In recent years, the Kingdom achieved multiple credit rating upgrades from global rating agencies. These advancements reflect the Kingdom's ongoing efforts toward economic transformation, supported by structural reforms and the adoption of fiscal policies that promote financial sustainability, enhance financial planning efficiency, and reinforce the Kingdom's strong and resilient fiscal position.