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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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Riyadh Hosts Saudi-Egyptian Industrial Forum

Officials are seen at the forum on Monday. (SPA)
Officials are seen at the forum on Monday. (SPA)
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Riyadh Hosts Saudi-Egyptian Industrial Forum

Officials are seen at the forum on Monday. (SPA)
Officials are seen at the forum on Monday. (SPA)

The Saudi-Egyptian Industrial Forum kicked off in Riyadh on Monday under the patronage of Minister of Industry and Mineral Resources Bandar Alkhorayef. The forum aims to bolster strategic industrial cooperation and integration between the two countries.

Organized by the Federation of Saudi Chambers of Commerce in collaboration with the Federation of Egyptian Industries, the forum witnessed the participation of Deputy Minister for Industrial Affairs Eng. Khalil bin Salamah, Saudi Export Development Authority CEO Abdulrahman Althukair, and 300 prominent Saudi and Egyptian industry leaders and investors.

Bin Salamah underscored the significance of strengthening economic cooperation and industrial integration between Saudi Arabia and Egypt. He advocated for enhanced industrial partnerships within five priority sectors identified in the Kingdom's National Industrial Strategy: pharmaceuticals, automotive, building materials, textiles, and food industries.

He highlighted the evolving strategic integration between the two countries across initiatives like "Saudi Made,Future Factories," and "Made in Egypt," as well as in the broader goods and services sector. Bin Salamah urged Egyptian industrialists to capitalize on the industrial investment opportunities available in the Kingdom, citing its ambitious plans to establish 24,000 new factories over the next decade.

Federation of Saudi Chambers of Commerce Chairman Hassan Alhwaizy hailed the forum as a crucial milestone in Saudi-Egyptian industrial collaboration, emphasizing the strategic partnership underpinning their economic relations, particularly in the industrial sector.

Federation of Egyptian Industries Chairman Mohamed El-Sewedy stated that current global challenges are accelerating the need for industrial integration between the two countries, strengthening their partnership to tap into the African market's potential.

Saudi-Egyptian Business Council Chairman Bandar Al-Ameri highlighted the substantial growth in trade exchange between Saudi Arabia and Egypt in recent years, fueled by developing economic partnerships between their respective business communities. He emphasized that signing the agreement to protect and encourage mutual investments represents a strategic achievement serving their shared interests.