PHOTO
Saudi Arabia’s Authority for Industrial Cities and Technology Zones (MODON) has signed new industrial and logistics agreements involving the investment of nearly 8.8 billion Saudi riyals ($2.4 billion).
Minister of Industry and Mineral Resources and Modon’s Chairman Bandar Alkhorayef oversaw the signing of the agreements in the capital Riyadh last week.
The agreements cover a total area exceeding 3.3 million square metres, aimed at developing industrial and logistics projects, according to the Saudi press agency.
The event took place during MODON's participation in the 21st General Conference of the United Nations Industrial Development Organisation (UNIDO).
The new investments include a contract to develop a private industrial complex in the Dammam Third Industrial City, spanning 1.8 million sqm and representing a SAR 5 billion investment. This project aims to enhance industrial productivity and create an attractive environment for high-quality investments.
Additionally, MODON and China’s JINGDONG Property company signed a contract to develop warehouses with a total area of 50,000 sqm and an investment of up to SAR100 million in MODON Oasis in Jeddah.
This development will improve storage and distribution efficiency, enhancing the logistics services ecosystem.
A memorandum of understanding was also signed to facilitate cooperation in studying, developing, and operating industrial and logistics projects, with investments amounting to SAR3.75 billion and covering an area exceeding 1.5 million sqm across several industrial cities in the Kingdom.
Furthermore, MODON and JINGDONG are collaborating to create innovative financing and investment solutions through a dedicated investment fund focused on developing industrial and logistics assets.
They are also exploring future exit strategies, such as listing assets in real estate investment trusts (REITs), to enhance the attractiveness of investment opportunities.
(Writing by N. Saeed; Editing by Anoop Menon)
Subscribe to our Projects' PULSE newsletter that brings you trustworthy news, updates and insights on project activities, developments, and partnerships across sectors in the Middle East and Africa.
