New Investments: 500,000 SQM of Saudi Industrial Areas

Saudi Arabia is working to attract local and international investments to advance the industrial sector in the country. (Asharq Al-Awsat)
Saudi Arabia is working to attract local and international investments to advance the industrial sector in the country. (Asharq Al-Awsat)
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New Investments: 500,000 SQM of Saudi Industrial Areas

Saudi Arabia is working to attract local and international investments to advance the industrial sector in the country. (Asharq Al-Awsat)
Saudi Arabia is working to attract local and international investments to advance the industrial sector in the country. (Asharq Al-Awsat)

The Saudi industrial zones managed to attract local and international investments with areas exceeding half a million square meters, after launching a package of products aimed at creating unique opportunities, providing assistance and stimulating programs for investors.

A recent report issued by the Saudi Authority for Industrial Cities and Technology Zones (MODON) - a copy of which was received by Asharq Al-Awsat - revealed that local and international investments over the past year exceeded a total value of 2.8 billion riyals (USD746 million).

During the past year, MODON signed contracts to develop and invest ready-made factories of various sizes in the industrial city of Asir, the third industrial city in Jeddah, and the third industrial city in Riyadh to serve entrepreneurs, in addition to allocating service land to complete the services system in the industrial city of Wa’ad Al-Shamal, the first industrial city in Asir, and the first industrial city in Jeddah.

MODON offers a range of innovative, diversified and highly reliable products that support the Saudi government’s continuous plans to advance the industrial sector, and contribute to diversifying sources of income, as one of the pillars of national industry empowerment and leadership.

MODON provides industrial land with developed infrastructure and services with different areas starting with 1,700 square meters to meet the needs of industrial investors, supports owners of small and medium enterprises to carry out their industrial activities, and establishes ready-made, full-service factories with various areas ranging between 700 to 1,500 square meters for investment partners and entrepreneurs.



China's SAIC, Huawei to Partner in Developing New Smart EVs

FILE - Chinese men hand out national flags during national day holidays near a Huawei pop up store in Beijing, Oct. 2, 2024. (AP Photo/Ng Han Guan, File)
FILE - Chinese men hand out national flags during national day holidays near a Huawei pop up store in Beijing, Oct. 2, 2024. (AP Photo/Ng Han Guan, File)
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China's SAIC, Huawei to Partner in Developing New Smart EVs

FILE - Chinese men hand out national flags during national day holidays near a Huawei pop up store in Beijing, Oct. 2, 2024. (AP Photo/Ng Han Guan, File)
FILE - Chinese men hand out national flags during national day holidays near a Huawei pop up store in Beijing, Oct. 2, 2024. (AP Photo/Ng Han Guan, File)

Chinese automaker SAIC Motor said on Friday it would partner with tech company Huawei to develop new "globally competitive" smart electric vehicles.
The tie-up sees yet another state-owned automaker betting on partnerships with Huawei, which has risen to prominence as a supplier of smart driving technologies, to boost EV sales, Reuters reported.
"The strategic cooperation between SAIC and Huawei will further leverage their respective advantages and promote China's automotive industry to a new level in the intelligent era," SAIC said in the statement.
The deal signed on Friday provides for the two companies to cooperate strategically on manufacturing, supply chain management and sales services, SAIC said in a statement, without revealing the marquee of the co-developed lineup.
The state-owned automaker reported a decline of 20% last year in overall vehicle sales, amid a brutal price war and bruising competition in the world's largest auto market.
Its venture with Volkswagen saw sales down 5.5% while SAIC-GM's sales slumped 56.5%.
SAIC, hit with the EU's steepest extra tariffs of 35.3%, also suffered a slide of 14% in overseas shipments in 2024.
The deal adds to Huawei's expanding partnerships with state-owned automakers such as Changan, Dongfeng and BAIC Motor.
Changan set up a joint venture with Huawei and battery maker CATL in 2022 to make Avatr EVs, the sales of which more than doubled in 2024 on the year.
Dongfeng-backed Seres more than tripled its annual sales of Aito-branded cars in 2024, with the best-selling models equipped with Huawei's advanced driver assistance systems and sold in the tech firm's showrooms nationwide.
Huawei and BAIC launched their first EV under the joint brand Stelato in August.