Saudi Organization for Industrial Estates and Technology Zones (Modon) has signed an agreement with Saudi Company for Advanced Technologies (Wahaj) to lease an industrial plot of land in Riyadh worth over SR800 million ($213 million).
 
The plot located in the Second Industrial City in the Saudi capital is spread over an area of 42,000 sq m.
 
Since its inception in 2001, Modon has been interested in developing integrated industrial lands with services.
 
Today, it oversees 35 existing and under development industrial cities in various regions of the Kingdom, in addition to supervising private industrial complexes and cities, said the statement from Modon.
 
The developed industrial lands have exceeded 198.8 million sq m so far, and the existing industrial cities contain more than 3,500 productive factories, it added.
 
Director General Engineer Khalid bin Muhammad Al Salem, said the contract comes within the framework of the Modon strategy to empower the industry and contribute to increasing local content, "as it is one of the most important pillars of the Saudi Vision 2030, by providing all products and facilities that will contribute to the rapid pace of growth. This industry is booming."
 
Wahaj President Ayman Al Hazmi, said the factory will be one of the main entities that secure the nation's needs in several areas.
 
Al Hazmi pointed out that the manufacturing process is carried out in cooperation with several international companies specialized in the same field, as this project is considered one of the most important projects for transferring technology and knowledge to the kingdom.
 
This land will be used for building distinct local manufacturing capabilities in the defense and aviation sectors as well as oil and gas.
 
Wahaj aspires to qualify the best national cadres to work in the industrial sector and its endeavor to raise the Saudization rate in the company, he added.-TradeArabia News Service

Copyright 2020 Al Hilal Publishing and Marketing Group Provided by SyndiGate Media Inc. (Syndigate.info).

Disclaimer: The content of this article is syndicated or provided to this website from an external third party provider. We are not responsible for, and do not control, such external websites, entities, applications or media publishers. The body of the text is provided on an “as is” and “as available” basis and has not been edited in any way. Neither we nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this article. Read our full disclaimer policy here.