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CEO of MODON: Textile Industry Investments Exceed SR4 Billion

The investments are distributed over 125 industrial contracts in 19 industrial cities
The investments are distributed over 125 industrial contracts in 19 industrial cities
    Asharq A-Awsat
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CEO of MODON: Textile Industry Investments Exceed SR4 Billion

The investments are distributed over 125 industrial contracts in 19 industrial cities
The investments are distributed over 125 industrial contracts in 19 industrial cities

The CEO of the Saudi Authority for Industrial Cities and Technology Zones (MODON), Eng. Majed Al-Argoubi, has revealed that the volume of industrial investments in textiles and fabrics within the scope of MODON exceeds SR4.1 billion.

These investments are distributed over 125 industrial contracts in 19 industrial cities, covering a total area of more than one million square meters.

Al-Argoubi's comments came on Monday at the inauguration of the second edition of the Men's Fabrics and Accessories Exhibition, which is sponsored by MODON and being held at the Riyadh International Convention and Exhibition Center for five days.

According to Al-Argoubi, the textiles and men's supplies sector is experiencing high growth in the Kingdom. Most of its raw materials are sourced from Saudi Arabia, making it an attractive sector for investments.

He added that the industrial sector in the Kingdom is going through remarkable developments, thanks to the support provided by the Saudi leadership to invest in value-added projects.

MODON has also prepared advanced infrastructure, supporting logistical services, and several ready-made products and innovative solutions in all regions across the Kingdom and different areas to build factories in various sectors.

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Non-Profit Sector Revenue in Saudi Arabia Reaches $14.5 Billion in 2023

The total revenue of non-profit sector organizations in Saudi Arabia marked a 33% increase. SPA
The total revenue of non-profit sector organizations in Saudi Arabia marked a 33% increase. SPA
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Non-Profit Sector Revenue in Saudi Arabia Reaches $14.5 Billion in 2023

The total revenue of non-profit sector organizations in Saudi Arabia marked a 33% increase. SPA
The total revenue of non-profit sector organizations in Saudi Arabia marked a 33% increase. SPA

Saudi Arabia’s General Authority for Statistics (GASTAT) has said that the total revenue of non-profit sector organizations in the Kingdom amounted to SAR54.4 billion ($14.5 Billion) in 2023, marking a 33% increase compared to 2022.

The results, shown in the Non-Profit Sector Bulletin for 2023, indicated that health-related activities recorded the highest growth rate compared to the previous year, contributing 70% of the total revenue of the non-profit sector organizations, followed by education and research activities with a 53% increase, and volunteer brokerage and promotion activities with a 36% rise. These activities were the main contributors to the total revenue of non-profit organizations.

The bulletin also revealed that total expenditures of the non-profit sector reached SAR47 billion in 2023. Health-related activities represented the highest expenditure category, showing a 74% increase, followed by education and research activities with a 55% rise, and environmental activities with a 34% increase compared to 2022. These activities were the leading contributors to the total expenditures of non-profit organizations.

The figures also underscored the relative contribution of employed individuals to key activities within the non-profit sector in 2023. Cultural and entertainment activities led with a 27.6%, followed by social services activities at 27.2%, development and housing activities at 12.4%, health activities at 11.5%, and education and research activities at 7.5%. The remaining non-profit sector activities accounted for the remaining 13.8%.