Riyadh -- The Saudi Authority for Industrial Cities and Technology Zones (MODON) has attracted new investments worth SAR130 million, used to localize military aircraft industries, including drones, and provide repair, maintenance, and overhaul services for ships.
Securing this investment is one of the authority's objectives, and seeks to promote investment opportunities in industrial cities among major local and international companies.
MODON signed two contracts to allocate two already finished factories specializing in manufacturing military aircraft, aircraft parts, and drones, each on 700 square meters and with SAR50 million in investment.
It also signed a contract to allocate 3,000 square meters of land for logistics with investments of SAR30 million for the repair and maintenance of ships and the overhaul of military ships, boats, and vessels. The contract also stipulates repair, maintenance, and overhaul services for spare parts for military vehicles, aircraft, and ships, as well as water filtration devices, ship and train engines, and valves.
The authority recently participated in the second edition of the World Defense Show 2024, held on February 4-8 in Riyadh.
According to MODON, the benefits of investing in its 36 industrial cities throughout the Kingdom include the availability of labor force, advanced infrastructure, and logistical solutions that help achieve a competitive and sustainable industrial economy.