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RIYADH: Non-public participation in Saudi Arabia’s industrial sector continues to rise, with the Kingdom managing to draw SR2.77 billion ($738 million) in funding for varied tasks throughout the second quarter of 2023, the newest official knowledge confirmed.
The Saudi Authority for Industrial Cities and Expertise Zones, also referred to as MODON, stated this was a 23 % soar from the SR2.26 billion recorded throughout the identical interval final 12 months.
This comes because the Kingdom, which can be the area’s largest financial system, strives to develop into a serious manufacturing and funding hub, as a part of its Imaginative and prescient 2030 objectives.
In a publish on its official Twitter deal with, the authority revealed that the variety of ready-built factories within the Kingdom reached 1,263 on the finish of the second quarter, whereas the full variety of factories stood at 6,055.
MODON additional stated it issued 203 industrial contracts throughout the identical interval, reflecting a 23 % improve when in comparison with the corresponding interval in 2022.
However, industrial areas grew by 100% to 1.62 million sq. meters, it added.
Among the many industries, the meals sector secured probably the most contracts within the second quarter, representing 17 %, adopted by the mining sector at 9 %.
Whereas the chemical compounds and rubbers sectors claimed 6 % of contracts every, the equipment and gear sector secured 5 % of agreements issued within the second quarter of 2023.
MODON added that Jeddah was allotted probably the most variety of contracts at 58, comprising 29 % of the general agreements within the second quarter.
Al-Kharj, situated southeast of Riyadh, issued 13 % of complete agreements, comprising 27 offers.
Saudi Arabia’s historic area Sudair got here subsequent at 13 % and 26 contracts, adopted by Dammam and Madinah areas, each of which stood at 7 % and 14 contracts.
Throughout this era, MODON stated that 1,226 overseas funding offers got here from 67 international locations, primarily Egypt, Jordan, India, the US and the UK.
In March, the authority signed agreements price SR10 million for the institution of three new entrepreneurial tasks, on the sidelines of Biban 2023.
This got here as MODON goals to help the native content material whereas growing the contribution of small and medium enterprises to the Kingdom’s gross home product by 35 % by 2030.
Based in 2001, MODON develops built-in industrial land providers and at the moment oversees 36 industrial cities throughout the Kingdom, with greater than 5,000 factories, in addition to non-public industrial complexes and cities.
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