MODON Signs First GCC Investment Deal to Develop 52 Ready-Built Factories.

Jeddah: The Saudi Authority for Industrial Cities and Technology Zones (MODON) and Osara Real Estate Development, an Omani investment company, have signed an investment agreement to establish 52 ready-built factories in the Second Industrial City in Jeddah. According to Saudi Press Agency, this project marks the first of its kind to be developed by the GCC private sector in the construction and development of ready-built factories in industrial cities. It aligns with MODON's objectives to develop and grow foreign direct investment, while fostering sustainable strategic partnerships and alliances in line with the goals of the National Strategy for Industry and the aspirations of Saudi Vision 2030. The agreement contributes to empowering entrepreneurs and small and medium-sized enterprises (SMEs) and represents a significant step towards plans to grant the private sector a larger role in industrial development, with the total area of the project exceeding 45,000 square meters.