Saudi Authority for Industrial Cities and Technology Zones (Modon) has attracted over 405 billion Saudi riyals ($108 billion) in investments from the private sector, the authority said in an Arabic press statement.

The number of factories opening in 36 industrial cities reached 5,926, while logistics facilities touched 290.

Covering an area of more than 198 million square metres, the industrial cities have concluded 7,242 industrial, logistical and investment contracts so far.

Last week, Modon opened 98 Ready-built Factories in Jeddah's third industrial city.

The authority also signed agreements to develop 178 purpose-built factories in the same industrial city, the statement noted.

(Writing by D Madhura; Editing by Anoop Menon)

(anoop.menon@lseg.com)